US Equity Mortgage - Loans, Mortgages & Refinancing

Purchasing a home

Depending on your situation when it comes time to move, your first thought may be to rent. But from experience we recommend that you weigh all your options before you make your decision. Below we have outlined the advantages and disadvantages of renting versus buying a place to live.

Advantages of Buying a Home

Disadvantages of Buying a Home

Greater stability
Usually good investment
Your Equity builds
First home often leads to better home
Greater individuality in decor
Greater choice in space arrangement
Greater sense of security
Often fulfills the American dream

You are responsible for property taxes
You are responsible for maintenance
You are responsible for repairs
Possibility of foreclosure
In foreclosure, loss of all equity
Monthy housing usually cost more
Your cash is tied up
You can't usually sell a home quickly
You have less mobility than renting
Payment on some mortgage types can increase

Advantages of Renting

Disadvantages of Renting

Usually costs less than buying
You can usually move more easily
Little Responsibility for maintenance
No responsibility for repairs

No tax benefit
No investment in or from property
No equity is building
Rent payment can increase frequently
Possibility of eviction

Using an agent to Buy a home

Once you have made the choice to buy the next step is to decide whether to conduct a home search on your own or use an agent. With the abundance of resources available to home buyers today, conducting a home search without an agent is easier than ever – and possibly less expensive. Yet, employing the knowledge and experience of a real estate agent has its advantages. Use the following information to compare the advantages of searching for a home on your own versus using a real estate agent.

Advantages of using an Agent

When using an agent, home buyers average a search time of 8 weeks and view 10 homes.
An agent has access to a wider variety of properties via a database that includes every home listed with any agency.
An agent can provide you with a comparative market analysis which shows how a particular house price compares with others in the area.
An agent researches houses in your price range and area of interest and can provide information about property history, taxes, schools, and crime rate.
An agent has negotiation experience and knowledge of the real estate contract.
An agent is familiar with and can recommend appraisers, home inspectors, closing agents, and a mortgage lender.
An agent can help you wrap up all closing details.

Advantages of Searching on your own

You control the speed of the process. Home buyers not using a real estate agent average a search time of 14 weeks and view 18 homes.
You might be able to find a “For Sale by Owner” where the owner is willing to sell at a reduced price (or split the would-be commission with you).
You can look any time you like and you’re bound only by your own schedule.
You can research and find market comparisons for the area on-line. Many Internet real estate services are available to help you research properties, answer legal questions, and even obtain a mortgage.
Contracts and negotiations are made directly with the seller – there’s no middle person involved.
There’s no contract for real estate agent services, so you avoid a long-term commitment to an agent who might be unproductive or misunderstand your needs.