Comments on: Buying a Home versus Long-term Renting

By: EFX Finance Blog Editor, JF

EFX Finance Blog Editor, JF — Mon, 11 Jun 2012 21:28:36 +0000

@Justin – Thanks so much for reading. If you’re thinking about buying your first home, you should check out some of our other resources for first-time homebuyers and those applying for a mortgage:
http://blog.equifax.com/real-estate/what-a-first-time-homebuyer-needs-to-know/
http://blog.equifax.com/real-estate/9-things-you-should-do-to-get-the-mortgage-of-your-dreams/

Good luck and come back and let us know how it turns out.

By: Justin

Justin — Mon, 11 Jun 2012 05:38:16 +0000

I am interested on how to find and get the best mortgage rate deal ever! I am tired of renting a home! It’s just a great money waster. Any idea is appreciated, please.

By: Malcolm

Malcolm — Tue, 01 May 2012 17:56:41 +0000

Even right now with limited number of first time home buyer programs available, home buying is not the American dream it once was.

http://buyerprograms.net/government/government-first-time-home-buyer-programs/

By: R. Finn

R. Finn — Tue, 24 Apr 2012 00:57:53 +0000

Think about this. If you buy a house using a mortgage rather than paying for the whole thing with cash, depending on the interest rate, you could pay the price of the house in interest and get almost nothing for it. Say you pay 5% interest. In 20 years, you will have paid for the amount of the mortgage in interest. So if your mortgage is 80% of the value of the house, you will have given that amount to the bank, meaning, over the period of a 30 year mortgage, you are probably paying for your house TWICE. Save your money. The banks are jacking us.

By: Eric J. Nisall - DollarVersity

Eric J. Nisall - DollarVersity — Fri, 20 Apr 2012 20:32:07 +0000

Tax breaks are not always a big benefit. If you buy cheap and put a significant amount down, your interest and taxes may not be enough to reach the level of the standard deduction to make a difference. Plus spending more to potentially save something on the back-end is not always sound financial advice. More on the subject can be found in my article:

http://www.dollarversity.com/owning-a-home-less-attractive-going-forward/