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First-Time Homebuyer Guide
Buying vs. Renting

Buying vs. Renting

The first step is to consider whether buying a home or renting makes better sense for you.

Reasons to Buy

Equity: 

Each time you make a payment, you're one step closer to paying off your home.

Tax Deductions: You can deduct mortgage interest and property taxes. Consult a tax advisor for your situation.
 

Control: When you own a home, you select your own contractor for repairs. When it comes to creativity, you can paint the walls any color you would like, and even add a room.
 

Value: Your home could increase in value, making it worth more than you paid for it.
 

Financial Predictability: Fixed-rate mortgages allow you to predict your monthly principal and interest payment, unlike monthly rent payments, which can increase over time.

Click here for fees associated with buying a home. 


 

Reasons to Rent

Flexibility: Unsure of your career and income? Renting gives you time to figure things out, without being tied to a mortgage.

No Maintenance: Pipe leaking? Don't worry about going to your local hardware store. Simply call the landlord to have it repaired.

Bad Credit: If you have bad credit, having a history of making on-time rental payments can help you qualify for a mortgage down the road. 

Utilities included: Sometimes utilities like water, sewer, and garbage are all paid by the landlord when you rent.




Are You Better Off Renting? »

Still interested in owning a home? Let's look at building vs. buying a home.
   

Talk to us

To apply for a mortgage or get answers to questions, call our Mortgage Specialists at 317.558.6160 or 866.367.8600 or email us at forummortgage@forumcu.com.

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NMLS Registry Information for FORUM Credit Union Mortgage Loan Originators