ST. GEORGE – In the premiere of Mortgage Minute, Shane Eagan, regional vice president of Major Mortgage in St. George, discusses the pros and cons of both renting and buying.
“I currently rent a place in Ivins, but have been thinking about buying a home. Would I even qualify?” Spencer from Ivins asked Eagan. “What are the benefits of buying over renting?”
Watch the video above – click 
to hear Shane’s answer addressing considerations like cost, equity benefits, financing and more.
S P O N S O R E D C O N T E N T
Resources
- Major Mortgage | Telephone: 435-652-0450
Have a mortgage or finance question for Shane to answer? Submit to:
Email: [email protected]
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Let’s be honest on who is really getting that zero down loan. First time home buyers. It is still not zero out of pocket costs. Shane Eagan mentions how renting can be costly because of deposits and first/last etc. That may be true but there are also costs associated with zero down. You still have to pay for the inspection and the appraisal and the title services which can easily add up to well over $2,000. Yes, of course it is probably financially best to own a home. Until you realize you are in one you can no longer afford and have to go through for closure and credit repair. At least if you need to downsize while renting your credit is still in your control. With renting you have no maintenance costs and flexibility of moving and not being locked into 30 years or more of payments and repairs.
Let’s all remember that this was an infomercial. I’m thinking that one of the biggest factors is how long do you plan to own the home. I lived in my past home for 23 years and sold it for a good profit. I expect to do the same with my current one. (we’ll see about the ‘profit’ part!)
Is it bad to rent to own?