For Rent in 20720>Question Details

Tameka Bullo…, Home Buyer in Silver Spring, MD

Is it better to rent or buy a home right now? Especially if your credit needs improvement.

Asked by Tameka Bullock, Silver Spring, MD Wed Jan 9, 2013

1 vote Share Flag For Rent in 20720

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Dear Tameka,

We have Lenders who specialize in Credit Repair, rather than wait and not know exactly what needs to be repaired and what doesn't you should call me and I will recommend someone for you

I can be reached at 202-421-5789

Thank you
0 votes Thank Flag Link Thu Jan 10, 2013

I am a real estate broker and I will attempt to answer this objectively in my area of expertise; I will leave the financing part of your question to the lenders.

This is an age old question and many factors can lead you in one direction or another. So I would evaluate how long you think you may want to live in the area you currently reside. If you are a person who relocates every few tears, it may make sense to rent versus buy.

Sometimes renting may be cheaper than the total costs associated with home ownership such as property taxes, certain maintenance and repair costs. Buying a home could require a significant down payment (3.5% - 20% of the purchase price) that you would not need with renting.

There are transaction costs associated with buying and selling real estate. Buying a home could cost you 6% - 8% of the purchase price in down payment and closing costs and another 6% - 10% when it is time to sell. Also real estate is highly il-liquid: It typically takes 45-120 days to sell a property in a normal market. Any real estate professional can provide you data on how long the average home sells in a particular area.

Now I have made money buying and selling real estate. It can make sense for some people in some areas but it not a surefire guaranteed investment. You definitely want to weigh all options and understand what type of lifestyle you desire and what type of flexibility you want before you make the step either way.

If you have further questions, or wish to discuss this further, feel free to reach me at (202) 251-7056 or email at
0 votes Thank Flag Link Sun May 3, 2015
Just wanted to touch on Ms .Jenkins great points regarding credit restoration. Most banks have a secured credit card for individuals that need to rebuild their credit profile. Consult with your banks support staff.
0 votes Thank Flag Link Thu Feb 7, 2013
Dear Tameka,
I am a REALTOR that started in mortgage first and have first hand knowledge for your answer. It is so much better to purchase right now since home prices and rates are more affordable. Rents are higher than a mortgages these days. You should certainly attempt to get prequalified for a mortgage before you decide to rent as your only option. I work with a fantastic loan officer who can assist you in not only your preapproval, but also help boost your scores with some suggested strategies to payoff or down certain creditors. You can view Tammi Lewis's info on my site

Good luck!
Ariana Loucas, RE/MAX
0 votes Thank Flag Link Thu Jan 10, 2013
The cost of homeownership is less or about the same as renting and this does not include the "TAX" benfits of owning a home. with the morgage intestest deduction (MID). Rents have been rising for the last 3 years and show no signs of leveling off.

You owe to yourself to explore the option of becoming a home owner as ther eare numerous programs available for first time home buyers. You should consult a Mortgage lender for an analysis
of your present financial ability to just might be glad you did.

Greg Myers
RE/MAX Realty Group
0 votes Thank Flag Link Wed Jan 9, 2013
Honestly speaking I think that is a question that you should be able to answer. I've learned especially last year that some people just are not ready to buy. Just because you are a renter doesn't necessarily mean that you are ready to become a homeowner. But why would people want to continue to invest their hard earned money towards making their landlord wealthy when you can use the same money to make yourself wealthy? That is something to really think about. Good luck to you Tameka.
0 votes Thank Flag Link Wed Jan 9, 2013
Hello Tameka

Interest rates are still low , It would depend on your own personal needs. I would be happy to assist you in the rental or homeownership process.You may also want to speak with a lender to guide you in the necessary steps to purchase if that is the route you so choose.

Carole Webb
Fairfax Realty
301 237 0445
0 votes Thank Flag Link Wed Jan 9, 2013
It is a great time to buy right now because the interest rates are so low. However depending on your credit, it may not be possible to do so. The best plan would be to speak with a local lender and see if you are able to qualify for a purchase so you know your options. If you are not in a position to buy now, hopefully you can get an idea as to when you will be so you can sign a lease to rent accordingly.
0 votes Thank Flag Link Wed Jan 9, 2013
Hi Tameka

It depends on how comfortable you feel with either purchasing or rent. if you have a credit score of 640 you would be eligible for FHA loan.

if you would like to discuss it further give me a call or visit the site.
0 votes Thank Flag Link Wed Jan 9, 2013
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