Refinancing & Other IssuesShould You Buy or Rent?Most people are so wrapped up in satisfying their dream of buying a home that they don’t stop to look at whether buying or renting makes the most sense.
Ask yourself a few financial questions:
- Is your source of income (salary or earnings) secure?
- Do you plan on staying in the same area for at least four to five years?
- Is your credit history good?
- Have you saved for a down payment and closing costs?
- And a non-financial one: Do you really want the responsibility of owning a home?
If you answered "no" to these questions, then renting may be your best bet. Financially speaking, a prospective first-time homebuyer may be better off renting rather than buying. However, home ownership can be a very rewarding investment (but not always!). It generally requires a long-term commitment. If you plan to stay in a community and have the resources to do so, then buying a home may be the cornerstone of your financial plan.
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