28 Jul Renting vs. Buying
Renting vs buying a seriously hot topic in the Colorado real estate market. There is not a week that goes by that Deborah doesn’t hear about how expensive the rental market is here. In fact, many people are moving to Pueblo because it’s much more affordable. Which makes people wonder if now is the time to buy a home.
If you can qualify to buy a home, what’s involved in buying a home? Today, Deborah Elliott-Shultz welcomes Ryan Herbig of American Liverty Mortgage to discuss this very topic.
Rental properties have gone up way more than mortgage payments. A 1 bedroom apartment rental was $1200! No garage, either. Times have definitely changed.
Ownership is “king.” When you purchase a home, as long as you continue making your mortgage payment, you choose when you stay, when you leave, if you can have pets, etc., and the mortgage payment remains the same.
Rental properties, however, are short term, and every time the rental contract ends, the price of the rental often increases. Plus, rental owners can tell you not to have animals, or other things.
Because the rental market here is so tight, some places won’t accept a renter with less than a 680 credit score. Many landlords and rental companies now do income checks and credit scores.
Rental rate averages for a 4 bed, 3 bath home is $1900/mo. Based upon certain factors and criteria, the same home with an FHA loan for a $290,000 home and a 680 credit score with 3% down, would be roughly a $1900/mo mortgage. With a 600 credit score the mortgage price goes up to $2075/mo.
Credit scores are very important to keep mortgage payments reasonable. The better your credit score, the better the payment. This is why it’s important to have decent credit scores and make your credit payments on time.
Come listen as Deborah and Ryan discuss why buying right now might be a better option, what you can do to qualify for a home, some amazing downpayment programs you might be eligible for, and their top advice for new homeowners.
To find out if buying a home right now is a good option, or about any of the down payment assistance programs, call Ryan Herbig at the American Liberty Mortgage offices at (719)228-6055, or you can reach him at (719) 659-0043.
Are you interested in finding out about Deborah Elliott-Shultz and MiaBella Properties’ flat listing fee of $3500? Go to cityofcs.com and follow the real estate link to learn about all we do to sell your home. And, for our buyers, guess what? We give back 1/3 of our commission to help you with your closing costs or to buy new appliances which will be reflected on the settlement statement, and you’ll get it at closing along with a w-9. Call Deborah at (719) 641-1357.