Is Renting or Buying a better financial bet? Trulia says No! One young family in Litchfield County CT agrees!
Although mortgage rates have risen in the past 6 months, home price gains have slowed. Trulia says “Buying a home now is 38% cheaper than renting an apartment.”
They caution that the gap may narrower if spring demand causes prices to rise faster than rents and if – as most economists expect – mortgage rates rise, due both to a strengthening economy and Fed tapering.
I working with a young couple now who, with a new baby, are looking for a real home. I’ve Pre-Approved them for a mortgage sufficient to buy $185,000 house with mortgage payment, tax and insurance escrow plus MI that is $150 less than their current rent.
The Bonus is that with a USDA Rural Housing Development loan, they just might be able to move in with 100% Financing and roll their closing costs into the loan amount That $1800 savings per year is a lot of diapers.
The Spring 2014 Buying Season is near! Now is the Time To Buy!
Call Me at 860.945.9284 to discuss the right mortgage option for your family and to take advantage of my FREE Mortgage Pre-Approval service. Then call your agent to schedule a showing and be ready to make an offer.