Rent Versus Buy
Everyone needs a place to live. Sometimes the people have a free place to live, such as home with their parents or Government housing, but most people need to pay for their home. The question is there are rent or buy. Which is best? You search for the best financial plan for your situation. There are many variables, such as: mortgage rates, cost, income, location, condition of the build will it need major repairs or replacement as it ages, among others.
If you want to buy a home, you must also consider the new financial responsibilities, including property taxes, insurance costs, home alarm, snow removal, or gardening.
It is important always to make your payments on time. Making late payments is called delinquency, and can negatively affect your credit rating. A good way to prevent late payments is to have the amount automatically deducted from your bank account every month, bi-weekly or in weekly payments. It is also recommended that you keep at least three months of mortgage payments in savings for emergency situations.
If you do not feel comfortable with one decision, it is best to look for a consultant.
Remember, it is a big decision.
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