Is paying a mortgage or paying rent better or worse? Imagine both cost the same amount of money (ex. $2000/mo

Question

Does having to pay a mortgage which costs the same as your rent (not simultaneously) change your lifestyle?

Answer 1

There is no comparison. Within a decade you will develope equity and on average an increase in value of more than 50%. In ten years your rent will continue to rise and you will have nothing. In the short term all interest payments are tax deductible meaning even with moderate income a mortgage saves you about 25% in taxes over rent.

Answer 2

Hey ....
you have asked the basic question of every person .Why to buy a house ???
Whatever money you are paying to the apartment office if you pay the same for themortgage company then in the long run you will be benefitted .Apart from that there won't be any difference in your lifestyle . But the more the time passes by the value of the house will be increasing and thus your asset value increases !!!!!!!!!
And you can also have 100 % financing if your credit score is atleast 500 and take the repayment options as much as possible like 30 or 40 years .For more details-----

[e-mail]
Loan Officer
480.751.4125
Acacia Mortgage

Answer 3

Not if it's the same. What changes is you are buying and investing in yourself and over time you build up equity in a home if you buy it. However you must be prepared to fix it, pay taxes and insurances and keep it up. So, you will be paying more to own it's just you aren't paying someone else's mortgage, you are paying your own. If you are a good money manager and can save for the unexpected than It's well worth it. Make sure you don't pay too much. The bubble in real estate is still there in some areas of the country. Never pay full price never be afraid to walk away.

Answer 4

Chances are your mortgage will not cost you 2000 a month. However you could set it up such that if you are used to paying 2000 a month in rent, the equivalent in mortgage will bring your principle down much faster. That is if you are factoring in utilities.

Owning your own home is always better than renting. With renting, the return is nil. With a mortgage, eventually you own the home.

Answer 5

well the answer is yes! Its better paying mortgage rather than paying rent, simply when you pay rent like other expenses you just spend your money but when you pay for your mortgage you save (invest) your money like investment in your property.
Specially with the new amortization period people can afford to pay their mortgage no matter if your interest rate goes up.
There are a lot of factors in mortgage affordability and it depends on your financial situation and your credit score

For more information please visit my website at www.mortgagetransit.com

Answer 6

the mortgage will give you tax advantages.

The mortgage remains the same (unless you got a arm) while property values usually go up

Rent will always go up in the long run, all you have are receipts

Answer 7

You're building equity when you pay your mortgage and and the interest you pay is a deduction on your tax return. With renting you are only getting convenience, but nothing more.

Answer 8

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Answer 9

if you're not going to move to a diff city in the next 5 years, then go with a mortgage -- u build equity that way.
if you're still mobile and may want to move to a city far away, rent may be the way to go.