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Renting vs. Buying a Home: How Do They Compare?

Are you renting and considering diving into home ownership? Purchasing a home can be more cost-effective than renting. Depending on your situation, a mortgage payment can be comparable to (or in some cases, even less than) your monthly rent. Qualified first-time home buyers can get a Sunward home loan with as little as 3% down and no private mortgage insurance, making homeownership a more attainable goal.

If you’re tired of renting and dream of becoming a homeowner, consider these factors before making your choice:

RentingBuying
Monthly rent paymentMonthly mortgage payment
Security and pet deposits/feesClosing costs
Mortgage rates
Renters insuranceTaxes and homeowners insurance

Opportunity cost(Will your rent increase when your lease expires?)

How long you plan to stay in your home
Your local rental market and outlookYour local real estate market and outlook
Utilities(if not included in rent)Utilities
Property improvements/maintenance

Sunward services all of our home loans locally, from application and processing to closing the loan and beyond. When you make a payment or have a question, you'll talk to our professional, friendly staff. Our loan officers are committed to helping you understand your options so that you can choose the right home loan for your needs.

To learn more or to apply, visit gosunward.org/home-loans or visit our Jefferson branch to speak with a home loan officer.

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