Wake Forest home for rent... What are you doing?
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?
Got a question? Contact me
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.
See what I mean by clicking here
Change your search from Wake forest homes for rent to Nevin Williams or Leesa Finley and own it instead!
Got a question? Contact me
* 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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Searching for a home? Complimentary MLS listings! Cary Apex Raleigh Wake Forest Charlotte Our services include personal budgeting, financial planning, retirement planning strategies and real estate contract review. You can find information relating to mortgages including calculators, current rates, buying a home, refinancing, VA, FHA, USDA, Conventional and Jumbo loans by clicking here Licensed to broker loans with over 300 lenders including Bank of America, Wells Fargo, Citimortgage, Met Life, Fifth Third Bank, Flagstar, ING,Luther Burbank, Provident, Suntrust, US Bank and many more. Find a home with our network of professional real estate agents interviewed and selected for their extensive knowledge and expertise! Send us an e-mail with the city and state. nevin@nevinloans.com You may also call us (888) 206-5781 My extension is 1017 "First Priority Financial, Inc. is licensed by the CA DRE, license #00654852." |
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North County
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5360 Jackson Drive #220 La Mesa CA 91942
Nevin Williams NMLS #69651
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Why rent when you can OWN? DUH!!
Good blog post
Carla - LOL thanks!
Brilliant job with this my friend!
You are the Loan King!
Thanks so much, Nevin! I love this post and have most certainly re-blogged! You're brilliant!
Craig - Thanks! It's good to be the king LOL
Leesa - Thanks! Let's see if we can get some renters into homeownership!