Published On: September 12, 2011

It is a sad state of affairs, but it is often less expensive monthy to own the home you are renting.  so is it better to rent or own. 

Yes if:

1.  You will own the home for at least 5 yrs.

2.  Your credit scores are above 620.

3.  If you do relocate, you can rent the home.

4.  Choose a payment based on one income if you  

     are a 2 income family.

5.  Have an emergency fund of 6 months payments.

Now is the time to buy or refinance as rates have never been lower.  The rates are staying below 5% and dipping towards 4% frequently.  Remember when you own, the fixed rate mortgage payment does not go up unless taxes or insurance go up.  You don't get told by our landlord that you have to leave because they are going to sell the home.  Moving is an expensive proposition, having the stability of your own home is one of the best gifts you can give yourself.