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Rent vs Buy Calculator

Rent vs Buy Calculator

Calculator

Rent vs Buy.

Considering whether you should rent or buy a home?  This Rent or Buy calculator was designed to help you decide which option is best for you. Simply enter your values to compare the costs and help you make the right financial decision.

Default amounts are hypothetical and may not apply to your individual situation. This calculator provides approximations for informational purposes only. Actual results will be provided by your lender and will likely vary depending on your eligibility and current market rates.

Results

Should you Rent or Own?

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Average Monthly Payment Savings

$0.00

Estimated Total Gain

$0.00

Frequently Asked Questions

What’s the difference between pre-approval and pre-qualification?

The pre-approval process is much more complete than pre-qualification. For pre-qualification, the loan officer asks you a few questions and provides you with a pre-qual letter. Pre-approval includes all the steps of a full approval, except for the appraisal and title search. Pre-approval can put you in a better negotiating position, much like a cash buyer.

Do I qualify as a first-time homebuyer?

While the term “first-time homebuyer” generally refers to an individual who purchases a principal residence for the very first time, you may also qualify if you have not owned your principal residence within the past three years. For couples, if one spouse has not owned a home, you are both considered first-time homebuyers. Benefits can include low mortgage rates, low down payment, low closing costs, and loans for lower credit scores.

Does it cost anything to apply for a home loan?

Typically, there is no cost associated with obtaining a loan pre-approval or loan estimate. Once you decide to move forward with the loan, lenders may charge an appraisal or application fee.

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