You would most likely drive a few miles out of the way and wait in line for 30 minutes for a free tank of gas (a $50 value more or less) but you'll walk away from Eight thousand dollars $8,000? Explain to me..no better yet, explain to yourself how this makes sense.
Okay so it's not about money, it's a big decision and you aren't sure you can qualify or afford a mortgage payment right? Check this out:
If you pay $800 a month in rent, you could buy a $150,000 house*! Sure sounds better than searching Wake forest homes for rent doesn't it?
I did the math for you: Assuming you buy a $150,000 house instead of finding a home for rent in Wake Forest your estimated monthly mortgage payment would be as follows (5.5% rate APR5.75%):
Principal, interest and PMI (mortgage insurance)= 882.25
(After a small down payment of 3.5%($5,250) - you can even have family gift it to you or use your 401K!)
Estimated taxes= $121.25 Estimated insurance $35 for a total payment of $1,038.50
Wait! So how does this equate to a rent payment of $800? Simple.... Mortgage interest and PMI is tax deductible***!
Here is an example **882.25 - 25% = 661.69 + taxes and insurance = $817.94
Eventually you could own your own home free and clear in Wake Forest but will you ever own homes for rent?
Does your apartment owner own a home? Why are you buying it for him/her with that rent check? Why are you buying him/her the apartment complex too?!
Here's the truth: $$$$$$$ Owning a home is the first step to building wealth. $$$$$$$$
EQUALS
For me it's a little complicated with all of the math and loan terms but for you it isn't. Buy a house, get up to eight thousand dollars from our government and you can pretty much say that Uncle Sam gave you a nice down payment.
Why are you searching the internet looking for Wake forest homes for rent when you could be calling me to see if you qualify? If you do then call Leesa Finley of Circa Properties so she can find that perfect house, home, investment..whatever... for you! She specializes in Wake forest homes and the amenities in the area.
* The little asteriks mean that you would have to qualify and that there is no guarantee that you can buy this house. You already knew this but the government thinks you don't know any better so I have to throw in this disclaimer along with others.
** Here is another disclaimer (YIPPEE!) I am not a tax professional and the formula I used of 25%-30% interest deduction is for demonstration purposes only. This is a rough estimate and hypothetical. There is no guarantee that you will get a 25%-30% interest deduction so always check with a licensed and qualified tax professional to see how much if any interest you can write off.
*** If you earn over 100,000 gross annual income you will not be able to deduct your PMI payments against your taxes.
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Why rent when you can OWN? DUH!!
Good blog post