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Purchase Vs. Rent

Three reasons to purchase a home:

Equity: When you pay rent, you don’t own anything. When you pay a mortgage, you increase your degree of ownership in your home with every payment. Also, you can borrow against your ownership ( or equity ) in the home to pay for major purchases, or refinance your home at favorable rates, or once you’ve paid the entire mortgage off, borrow to fund major purchases like a second home or a child’s education.

Tax Deductions: You can deduct mortgage interest as well as your property taxes. Uncle Sam does not give renters a bonus.

Creative Control: So, you like dozens of pictures on the wall? Hammer away – they are your walls now. Go ahead and paint them mango!

Get pre-approved for a loan. This should be done after you feel comfortable with the amount you’ve saved for a down payment and before you go house hunting. Getting pre-approved can help you feel comfortable with the price range you are shopping and negotiate for the best price.

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