Loan Products

We offer a variety of residential loan products that we can custom tailor to each customers individuals needs.

Purchasing a Home Compared With Renting

If you are amongst the millions who think you can’t afford to own a home, consider this: The rate of home ownership in the US is approaching 69 percent. This is a clear indication that home ownership is within reach for more Americans than ever before. The determining factors that separate the individuals that decide to rent vs own their homes continue to be credit worthiness and income.

While owning a home may not be right for everyone, it does seem to prove over time to be a much better return for your money. A recent article written by analyst at Trulia concluded that home ownership was slightly over 38 percent cheaper than renting in the top 100 metropolitan areas.

As tested, most paid less to purchase a home, while gaining equity. Some of the largest factors that determine cost effectiveness of buying vs renting include the interest rate on your mortgage, down payment, mortgage insurance and local property tax. It is also important to understand some other advantage not limited to write offs on federal taxes for interest paid on a mortgage and for depreciation of property.

Cost to own

Choose a location and find out how much it would cost to buy the type of house you want. Most large real estate agencies have web sites on which you can search for homes in a specific area. Your County appraisal district can provide annual property taxes for any particular home in your prospective area. Other major factors are mortgage rate, mortgage insurance and property insurance. Contact Us today and we will be happy to provide you with a customized quote for your home purchase.

Cost to rent

Using a rental search web site, locate a comparable house in the same location that is available for rent. Understand that you will gain no equity when you rent vs purchase and in a short time this will make purchasing an option that clearly builds wealth compared to renting.  Renting may be best for those with:

  • Recent Bankruptcies (within 1 year)
  • Foreclosures (within 3 years)
  • Un-Satisfied Judgments on credit file
  • People with less than one year of reported income