Rent vs Buy in 07057>Question Details

Zoran, Home Buyer in Monmouth Junction, NJ

rent vs buying I am wandaring if I can buy home for the amount that I am paying for rent

Asked by Zoran, Monmouth Junction, NJ Mon Feb 18, 2013

I am looking to bay home to lower my monthly rent payment????? Is this possibile in Wallington, nj

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Armin Lusinyants’ answer
Very much possible. I just had clients who ended up paying less for the mortgage than they payed for the rent! GO see a mortgage representative now. With the mortgage rates going up try doing it asap.

Best of luck,

Armin Lusinyants

1 vote Thank Flag Link Mon Feb 18, 2013
There has been a huge increase in rental demand in the last quarter of 2012, compared wuth the same time last year. The magnitude of rental demands has increased so much that is cheaper to buy a two bedroom home than rent one in most major US cities. But, the best way to find out is contacting a mortgage broker that can explore all your financing documents and advice you properly.
Mortgage broker have access to many banks, private lenders and different programs.

Best of Luck,

Maria Cipollone

Century 21 Tenace
1 vote Thank Flag Link Mon Feb 18, 2013
it may be possible alot depends on your what you are paying for rent and what your income to debt ratio is. I would say your best place to start is to contact a local lender in your area they would be able to get you pointed in the right direction.

Janet and Mike 610-220-9709
0 votes Thank Flag Link Mon Feb 18, 2013
You will not find better interest rates.
Talk to a Mortgage guy NOW.
It is as simple as stopping in to your local bank
They will help talk you thru it, without obligation.
0 votes Thank Flag Link Mon Feb 18, 2013
The combination of strong rental demand pushing on rental prices and low interest rates pushing down on mortgage costs, have created the very likely possibility that you may be able to do so.

Work with a local agent and mortgage rep to crunch the numbers.

Good luck and best,
Jeanne Feenick
Unwavering Commitment to Service, Unsurpassed Results
0 votes Thank Flag Link Mon Feb 18, 2013
The only way to know would be for you to go speak with a loan officer to find out. I doubt it if you just compare rent vs house payments with tax and insurance included (PITI). But ask yourself after 5 years what do you have if renting = answer is Nothing. What after owning for 5 years? The goal is for the house to have appreciated and you have some equity in it now. You certainly won't in the rental house. Owning also provides some tax benefits as well, plus you can borrow on it if you need to.
0 votes Thank Flag Link Mon Feb 18, 2013
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