Rent vs. Buy Decision More Than A Question of Affordability

Rent vs. Buy Decision More Than A Question of Affordability

…For a growing number of those seeking shelter, the affordability component of the rent-vs.-buy comparison takes a back to seat to finding housing that accommodates their lifestyle.

“For decades, Americans have scrimped and saved in order to buy that starter house and begin accruing equity. But do the same benefits of home ownership apply in every situation?” asks Dima Deych Marketing Director at Mayo Group, a Boston, MA-based real estate investment, development and management company.

Apparently not.

Deych says there are a host of considerations beyond affordability shelter seekers should consider before they buy or rent.

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Check out our helpful video to follow the adventures of Bob and Sally as they learn about renting versus buying a home.

Should You Rent or Buy?

Should You Rent or Buy?

Have these low prices and historic interest rates have you wondering if you should buy rather than rent a home? Check out our helpful video to follow the adventures of Bob and Sally as they learn about renting versus buying a home.

Learn even more about buying a home here and then check out our handy calculators to figure out how much you can afford, possible mortgages, closing costs, and more!

Bank of America tries renting to distressed homeowners

Bank of America tries renting to distressed homeowners

Unable to qualify for modifications on Bank of America mortgages, a few of California’s most distressed homeowners are being offered one last chance to stay in their homes: Become renters instead.

Testing a mortgage-to-lease program in the Golden State, Bank of America sent 300 letters last week inviting borrowers without other options to apply. An additional 1,500 letters will go out in the next few weeks as the bank, which also is testing the program in Arizona, Nevada and New York, evaluates whether a national rollout is feasible.

Read More on The Seattle Times…

Housing Market Bottoming Out? Renting Market Accelerating

Housing Market Bottoming Out? Renting Market Accelerating

Are we really poised for a recovery in the housing market? The latest encouraging words from the U.S. Conference Board’s Demand Institute Division are that we are heading for a rapidly accelerating rental market which will lead to a housing recovery.

While the American dream of homeownership is still an unending quest, the size of home that people are buying will be smaller and many will rent for a good while before they can afford that dream home.

According to the report, there are indications from industry data that the market is “bottoming out” but the great shift in real estate is the push toward the rental market which is helping fuel the recovery.

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Check out our Homeownership Simplified section a for information & tips on buying a house in Washington State as well as our handy calculators to figure out if you are better off renting, potential mortgages, closing costs, and more!

BofA to offer rentals as foreclosure alternative

BofA to offer rentals as foreclosure alternative

Bank of America says it has begun a pilot program offering some of its mortgage customers who are facing foreclosure a chance to stay in their homes by becoming renters instead of owners.

The “Mortgage to Lease” program, which was launched this week, will be available to fewer than 1,000 BofA customers selected by the bank in test markets in Arizona, Nevada and New York.

Participants will transfer their home’s title to the bank, which will then forgive the outstanding mortgage debt. In exchange, they will be able to lease their home for up to three years at or below the rental market rate. The rent will be less than the participants’ current mortgage payments and customers will not have to pay property taxes or homeowners insurance, the bank said.

Read More on The Seattle Times…

Are you a struggling homeowner? Check out our Avoiding Foreclosure section for resources and tips.