Should I rent or buy a home?

I am currently the only one working, with two young kids and a nonworking fiance. my credit is poor though currently working on it. I only work part time.
(0) | asked by: Glori | share | 21 months ago | Report
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answer by Mark Kavanagh    |   Visit My Website   |   Contact Me
There are some really good resources available for you. I would start by looking at masshousing dot com. there is information on their site specific to both the rental and buying processes in MA and you may be able to figure out which makes more sense for you. Alternatively, you can just type rent vs buy calculator into your web browser and find some great calculators that will show you the difference between the two. If you decide to Buy, I agree with Lorie: Find a reputable local lender to assist you with understanding what you can afford and how to improve your credit if necessary. The last thing I would say is that you might find articles on average net worth of homeowners versus renters interesting too. Best of luck!
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6 months ago  |   Report   |   share
answer by Lorie Trump    |   Visit My Website   |   Contact Me
The national average 2015 for renting at appx $1180 a month you will spend on rent $70,800.00 on rent in 5 years. YOU GET NO EQUITY! Rents are up nationally 13.6% (according to the National realtors association). If you buy a existing home appx $220 , national average (not new home) you will spend $107,919.00 and you get equity ( in 5 years) . It's your home you get to to make it yours. Where I live in MT - there are HomeStart loans with Grants up to $5000 to help you buy. City loans from $10,000 to $15,000 dollars available ot help with DPA & closing cost, State HOME Deferred loans, EQZ 2nd mortgage funds, Etc... Lenders are best to tell you about what is available in your area. Yes you can buy, just find a good lender that will help you... and who knows what programs are available in your community. Good lenders will work with you for years if needed to get you where you need to be to buy. Hang in there
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21 months ago  |   Report   |   share
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