Rent vs. Buy
Many consumers may feel that they are stuck in the
situation of having to live in an apartment they do
not own and spend money on rent every month with nothing
to show for it. Using an online mortgage calculator
is a good way to decide if you are financially ready
to become a home owner.
Most online search engines can provide a listing of
several sites that feature online mortgage calculators.
These calculators are a big help for people who are
trying to figure out if they can handle the expense
of buying instead of renting.
Consumers realize that paying rent is not a good way
to spend their hard-earned cash. Buying a home not only
improves your family’s quality of life, it also
is a great way to help protect your financial future.
Making a payment on your mortgage loan means you are
saving money, not spending it. Plus, if you and your
real estate agent select a home in an area where property
values are rising, you will profit from this, as well.
A mortgage loan calculator can help you learn whether
your current budget is sufficient to cover a mortgage
loan payment instead of rent. Many consumers who rent
are surprised to learn that they could afford to own
their own home.
Keep in mind that home ownership also includes expenses
that might not be part of an apartment dweller’s
budget, such as utilities like water and electricity,
garbage pick-up, and association fees. These are normally
not part of a mortgage calculator’s results. Failing
to include these “extras” in your projected
monthly budget could mean you might have trouble paying