For generations, we have been taught that owning a home is the bedrock of the American Dream. However, just like anything else in life, there are pros and cons. When considering purchasing a home, you should ask yourself the following questions:
At Opportune, Inc., when you start your home planning process, we recommend consulting with a team that has decades of experience in the industry. If you live Chicago, greater Chicagoland, or anywhere in Illinois, you should work with a trusted local lender that can help you make the best decision.
You should be able to make a decision based on answers to the above questions. If your plan includes the desire to remain in a purchased home for longer than a few years, it may make sense to buy rather than continue renting. If, however, you plan on selling that home within 3-4 years of buying, it does not make sense to purchase at this time. Let’s take a look at the following example based on today’s housing trends, to illustrate this point:
Let’s assume you are looking for a 2 bedroom property in a northern Chicago suburb. The building is modern or updated with decent amenities and proximity to shopping, schools, and parks. To rent this type of property, it will cost about $1,500 per month. So, what will it cost to own if your down payment is only 10%, assuming today’s interest rate is 3%? The purchase price of this condo property is $175,000. Now let’s assess the breakdown:
You will pay slightly less per month if you own, and best of all is that there is a chance your property appreciate over time so you will be building equity. Where when you rent, someone else is maintaining a property, but you don’t own the place and your money is paying someone else’s mortgage loan and reaping the benefits of appreciation.
Contact us for additional tips for refinancing your home.
With over 50 five star reviews, our customer ratings speak for themselves. We’ve served hundreds of Chicagoland and Illinois clients and we’re excited to work with you.
An Opportune, Inc. NMLS-ID. 276689
Illinois Residential Mortgage Licensee, MB 6759387
Illinois Department of Financial and Professional Regulation, Division of Banking
100 W. Randolph Street, 9th Floor, Chicago, IL 60601
All Inquiries: 1-888-473-4858 TYY: 1-866-325-4949
Florida Residential Mortgage Licensee, MBR4281
Office of Financial Regulation
200 E. Gaines Street, Tallahassee, FL 32399
Phone: (850) 487-9687 Fax: (850) 410-9663
For Licensing Information, go to: www.nmlsconsumeraccess.org
©2021 AN OPPORTUNE, INC. ALL RIGHTS RESERVED. BUILT BY VISUALFIZZ