Renting vs. Buying
Why rent a Philly condo when you can buy one? Many renters believe they need to save a large down payment to purchase a condo…the reality is that some loan programs accept as little as 3% down. Many renters believe they need a 700+ credit score to qualify for a mortgage…the reality is that there are lenders that will accept a score as low as 620 for a conventional loan.
The main difference between renting and buying is who gets your check—a landlord or the bank. Here are some fast facts from our friends at Trident Mortgage about the advantages of homeownership:
Fact: Interest rates are still at historic lows.
Fact: Renting deprives you of large tax breaks.
Fact: A home is a leveraged investment using other peoples’ money.
Fact: Real estate continues to be an excellent return on investment.
BHHS Fox & Roach Realtors