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.
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Frequently Asked Questions
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.
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.
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.