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What's Best: Buying a Home or Renting?

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The choice between buying a home and renting is one of the hardest financial decisions adults make. We’ll all have to deal with this decision at one point in our lives. With rent continuing to rise, many tenants are being priced out of their rental markets and are looking at homeownership as the long-term solution. But what are the benefits of being a homeowner? Let’s take a look:

  1. Owning a home provides you with a built-in savings account. What does this mean exactly? As you pay your monthly mortgage payment, you’re building equity and paying down your overall home loan—that’s what we like to call building wealth. You'll walk away with a big pay-off and you can't beat that!
  2. No rent-related stress. When you own your home, you won’t be faced with the dreaded rent hike each year from your landlord. There’s something to be said for stability.

  3. You’re in control. Landlords can take their sweet time fixing a broken dishwasher or a leaky toilet. When you own your home, you can call the repairman of your choice and decide the importance of getting something fixed on your timeline. You’re also in control of customizing your personal space without losing a security deposit. Want to paint a bedroom bright blue? Nothing is holding you back! Want to re-tile your bathroom floor? Have at it—you’re in charge of your house. Go ahead and get a dog and a cat while you’re at it, pet deposits are a thing of the past.

  4. Buying costs less than renting over the long term. It’s true—even if your monthly mortgage payments are more than what you were paying in rent. So how does this add up? Over the lifetime of your home loan, you’ll end up paying less if you buy. As mentioned earlier, rents are continuing to rise and your long-term costs will be far less than if you continue to rent year after year.

  5. Homeownership allows you to take on a second income. You can rent out a spare bedroom or even the whole house for a week on websites like Airbnb.com or Vrbo.

  6. You can take advantage of historically low interest rates (yes, rates are still low). When shopping for a mortgage it’s important to note that you need to look at the whole picture—not just the interest rates. Check out if there are any points and/or fees associated with the loan and if there are any other “add ons.” Churchill’s Home Loan Specialists are transparent and will work with you to find the best loan for your situation.

We get it—buying a home is a personal choice you’ll have to weigh. It’s worth getting ahead of the game and crunching the numbers with these mortgage calculators. After you’ve researched your options, you can decide if it’s best to pay your own mortgage … or your landlord’s. Our Home Loan Specialists are here to help with any questions you may have along the way.

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By submitting this form, I/we agree to your Privacy Policy Terms of Use and authorize Churchill Mortgage Corporation and/or their Preferred Provider for our area and/or The Churchill Agency to receive the above information to assist in obtaining a home loan.

I/we also authorize Churchill Mortgage Corporation, The Churchill Agency and/or their Preferred Provider for our area to contact us regarding but not limited to mortgage and insurance services and products via telephone, mobile phone (including through automated dialing), and/or email, even if telephone numbers or email I/we provide are on any Do Not Call/Contact Registry, such as corporate, state, or the National Do Not Call Registry. The submission of this form does not constitute in any way a formal loan application or a commitment for a loan. By communicating with us by phone, you consent to calls being recorded and monitored. By participating, you consent to receive text messages sent by an automatic telephone dialing system. Consent to these terms is not a condition of purchase.

Your answer will NOT negatively affect your mortgage application. Your answer does not mean the Lender or Other Loan Participants agree to communicate or provide documents to you in your preferred language. However, it may let them assist you or direct you to persons who can assist you. Language assistance and resources may be available through housing counseling agencies approved by the U.S. Department of Housing and Urban Development. To find a housing counseling agency, contact one of the following Federal government agencies. U.S. Department of Housing and Urban Development (HUD) at (800)569-4287 or www.hud.gov/counseling

Es probable que su transacción de préstamo hipotecario suceda en inglés. Por medio de esta pregunta, solicitamos información para determinar si existen comunicaciones disponibles a su servicio, en su idioma preferido. Sírvase tener en cuenta: posiblemente NO hay comunicaciones disponibles en su idioma preferido.

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