Many young couples and families forgo buying a home thinking they can save money by renting instead. However, many who decide to rent are unaware that they are able to leave the world of renting behind and enter the home market.
Perhaps the greatest disadvantage of renting is that the money being paid is not building any equity. While paying loans to mortgage companies may be more expensive, home buyers can find greater satisfaction knowing their money is helping them gain full ownership of the home. Renters also miss out on tax deductions that come with home ownership.
CNBC suggests that people who plan on remaining in the same home for five years or longer may consider buying a home as opposed to renting, as they will be able to recoup closing costs that come with the purchase of the home should they decide to sell later on. Buying is also considered a good option for clients whose total monthly housing costs will come to less than 30 percent of their monthly income.
At Castle & Cooke Mortgage, we are able to close loans faster than other mortgage companies and as a result, help families make the transition from renting to home ownership quickly and easily. Make the first move from renting to home ownership. Search for a loan officer in your area and get pre-approved today.