There are a number of benefits to buying a home over renting, especially when you have help finding a mortgage program that suits your needs
April 8, 2015
Atlanta-based Angel Oaks Home Loans LLC is dedicated to providing a broad range of unique mortgage programs designed to meet the changing needs of today’s new homeowners and real estate investors. One leading mortgage loan program offered is the Performance Jumbo home loan program.
It’s one of the oldest decisions many people weigh when considering housing options, and one without absolute certainty: to rent, or buy? And though determining an absolute best option may be impossible, people should still seek to make the best choice possible based on the current home loan market and their personal situations.
For those requiring flexibility, whether for career or a lifestyle that requires them to move periodically, renting is certainly advantageous, often involving landlords and management companies. This is beneficial to tenants who need repairs to be done without the hassle of contacting repair men, however prefer not having to deal with landlords and management companies, and the security deposits they require can often be a point of contention.
Buying a house, by contrast, offers creative control over your property that landlords and management companies typically restrict – allowing you the freedom to paint your walls, change your cabinets, or even add rooms. Financially speaking, owning not only builds equity but allows you to write off interest payments, especially earlier on where most amortization schedules having borrowers pay primarily interest. Ultimately, many people simply relish being able to truly call a place home.
Trulia recently updated their interactive map comparing the costs of renting and buying across the nation. For Atlanta shoppers looking to stay in their home for 7 years, with a 4.5% 30-year fixed rate mortgage loan, itemizing tax deductions, and in the 15% income tax bracket, Trulia indicates it would be 49% cheaper to buy a home than to rent. Even with a 5.5% rate from a mortgage lender, no itemization, and just 3 years in the house before moving on, Atlanta homes are 19% cheaper to buy.
If you are planning on staying in a home for at least four years, conventional wisdom says it is financially practical to buy a home rather than rent. Talk to an Angel Oak Home Loans Licensed Mortgage Advisor, one of the top mortgage companies in the Atlanta area, to discuss further details on whether you would benefit from home ownership.
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