- Why should I buy vs. rent?
Answer: Property is an investment. When you rent, you write down your monthly check and the money is gone forever. But if you are the owner of your home, you can deduct the cost of your mortgage interest through federal laws or state taxes. This will save you a lot each year, because the interest you pay will make up most of your monthly payments for the many years you have borrowed.
- What is the best way for me to figure out how much house I can afford?
In general, you may buy a property that is worth two or three times your yearly household income. The amount you may borrow, however, will be determined by your job history, credit history, existing savings and obligations, as well as the amount of down payment you are prepared to make.