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Rent or Own? The Benefits of Home Ownership Unlike renting, buying a home is an investment that can appreciate over time, giving you more financial security long term. If you are still paying rent to someone else, these numbers may be of interest to you. The example that follows is based on these assumptions: Anticipated Home Price: $ 200,000 Down Payment: $ 0.00 Interest Rate: 5.09% Amortization: 25 yr Monthly Rent: $1,200 Mortgage Payment: $1,173 Annual Rent Increase: 3.0% Home Value Increase: 3.0% Period | Cumulative Rental Payments | Cumulative Mortgage Payments | Cumulative Equity | Year 1 | 14,400 | 14,082 | 10,102 | Year 2 | 29,232 | 28,164 | 20,595 | Year 3 | 44,509 | 42,245 | 31,496 | Year 4 | 60,244 | 56,327 | 42,822 | Year 5 | 76,452 | 70,409 | 54,591 |
After 5 years, you will have accumulated $54,591 equity in your home. In addition, you will have paid $6,043 less than your rental payments. This chart shows the totals year by year:
*Calculation results are approximations and are for information purposes only. Actual figures may vary. It assumes all payments are made when due. This does not include any additional home ownership expenses i.e. property taxes, heating costs, and condo fees if applicable.
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| Before you begin the search for your new home determine your needs and implement this step-by-step plan to make this process less stressful before you hit the streets. From choosing the type of home best suited to your needs up to the day of moving, this Buyer's Guide ensures an enjoyable experience. |
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Determining your needs
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What does your future lifestyle hold? How many bedrooms will you one day require? Your preschoolers will be teens some day. Are you planning to stay in your home that long? Determine your needs before you move in. |
Arranging a mortgage
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Learn the in's and out's of mortgages. What are your different options? What is a pre-approved mortgage? Everyone wants your business, but it's up to you to look after your interests. |
The offer
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Congratulations! You've found the perfect home. But, this can be the most stressful part of your buying experience. Read about the eight basic elements, the various offer strategies and discuss with your RE/MAX Associate. |
Closing
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Closing day is here. Who's involved, and exactly what goes on? Relax, all of these details are outlined right here for you to read. Your RE/MAX agent and your lawyer will give you the details on steps and timing. |
The move
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What to expect on moving day? Reduce costs, a moving checklist and calendar, make your move worry free by following these simple steps. |
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Buying Services for Mississauga Home Buyers
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Congratulations! You have decided to purchase a home, or are thinking about buying one. You'll be joining the ranks of hundreds of families who realize that home ownership offers a number of benefits including building equity, saving for the future, and creating an environment for your family. When you own your own home, your hard-earned dollars contribute to your mortgage. The equity you earn is yours. Over time, your home will increase in value.
In the following reports, you'll find the information you need to make a wise buying decision. We'll take you through the planning process step-by-step , to help you determine which home is right for you. You'll find a host of informative articles on mortgages, viewing homes, the offer, closing details and moving.
Please contact me if you have any questions about buying a home in Mississauga or elsewhere in Ontario. |
Below, select desired reports and complete the form provided.
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