Should I Rent Or Buy?
Category: Articles- gotalkmoney.com- 11:24 am/ November 3, 2007When looking for a new place to live, you often ask yourself if you should rent or buy. When it comes down to renting and buying, you’ll want to ask yourself a few questions –
Am I going to be in the area for a long time?
Do I have enough money saved up for a down payment?
Can I afford a mortgage payment?
You shouldn’t pay no more than 30% of your take home pay for the month on your mortgage payment. If you take home $4,000 a month, your bill shouldn’t be higher than $1,200. Remember, that this $1,200 won’t be your only bill. You will want to add about 40% to that for utilities, etc.
Renting isn’t a bad thing and in fact, it can save you money in the long run for a house!
Be sure to check out our full article on GOtalkmoney.com on Should I rent or buy?
- 6 Month CD %
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- Money Market Account %
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- 30-year Fixed Mortgage 3.57 %
Bank rates provided by MoneyRates.com based on average rates for deposits under $10K and conforming mortgage rates
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