Contact Corey Robinson about owning a home in King County and Seattle, Washington.
If you're unsure about whether or not owning would be a better choice for you than renting, here is a basic guideline to help you make the decision to won or rent.
Owning may be less expensive than renting.
To help determine how much you could afford to buy while keeping your monthly mortgage approximately the same as your current rent, simply do the following:
Multiply Your Monthly Rent by 200 = Possible Purchase Price You Can Afford
For example, if you are currently paying $850 per month on rent, you could possibly afford to purchase a home costing $170,000 ($850 x 200 = $170,000).
You should also keep in mind that as a renter, you are extremely vulnerable to the future rent changes such as increases in the cost of living or inflation. It is not unreasonable to expect that your rent could increase as much as 4 percent per year.
As a homeowner, your monthly mortgage would remain the same for the life of the loan unless you decided to go with an adjustable rate mortgage.
To find out more about owning -vs- renting contact Corey now!
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