Should you rent vs. buy a home?

How do you know if buying a home is right for you? Before you commit to a mortgage, consider the costs, responsibilities and benefits of buying vs. renting a home.

Things to think about.

If you’re thinking about buying a home, there are many factors that may affect your ability to qualify for a mortgage, like your income, job status, savings, debt and other considerations. We can help you develop a plan to get there.

If you do qualify for a mortgage, you may still want to compare the ongoing pros and cons of renting vs. buying a home before you make a decision.

When you own your home:

When you rent a home:

Other potential costs.

Before you make a decision, it’s important to understand the total cost of home ownership, including fees, taxes and monthly payments.

On top of your down payment, you’ll also need to pay property transfer tax, legal fees, appraisal fees, home inspection fees, home insurance and moving costs. Not sure whether your budget can stretch to cover these fees? Learn more about the costs or chat with a mortgage specialist who can help you figure it out.

Take the next step.

Find a specialist near you

Interested in a new mortgage or refinancing? Browse our mortgage specialists to connect with someone in your area.

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Talk through your questions

For general mortgage inquiries or help with renewing your mortgage, book a time that works for you and we’ll give you a call back.

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