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Rent vs. Buying

Posted on October 15, 2012 by Ray Williams.

Is now the best time to jump off the fence and get ready to buy or should you keep renting?  Well really the only person who can answer this is you.  Are YOU ready to buy?  If you haven’t quite decided because the housing market scares you or the loan process is intimidating.  Don’t let these reasons be what is holding you back.

A good question to ask yourself is do you want to keep putting money towards something you will never have ownership or equity in?  Check out the recent “Fair Market Rents for Existing Housing” put out by HUD this week(see end of page 4 and top of page 5 for Colorado).  In the  Denver metro area (Denver, Aurora, Broomfield), the average rent for a 3 bedroom home is $1379/mo!  Right now with rates at their lowest, your mortgage payment could be the same amount or could most likely be less!

So what are you putting your money towards?  Is it worth taking the leap and working towards home ownership?  The Denver Metro market is definitely getting stronger with the average home being listed for only 33 days on the market.

You never know if you can get a loan if you don’t ask.  What are you waiting for?

If you have any questions please give us a call or send us an email.  If you would like to get pre-approved please complete our secure online loan application.  Also be sure to check out the loan application checklist, this is extremely helpful.

~Cheers

Ray Williams

Branch Manager

Summit Mortgage Corporation

303-779-0591 ext. 101

rwilliams@summit-mortgage.com

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