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The Cost of Renting

A complete resource for current renters.

We’ll help you break down the cost of renting and help decide if renting or buying works better for you. If buying a home is in your future, we can help you put together a home buying team who has your best interest in mind.

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How to Decide Whether Renting or Buying Works Best for You

As you are weighing your options of renting vs. buying a home, it’s best to have a clear idea of what the total cost of owning a home will be. Full transparency about the total cost of your mortgage is often overlooked by average lenders and is a valuable and unique add-on service we provide you at no additional cost. At Churchill, we take the time to provide you with a financial analysis which makes comparing your mortgage options a breeze.

Buying

Pros:

Build equity over time to maximize your investment

Stable monthly payment with tax benefits

Cons:

Higher up-front costs

Responsible for maintenance and repairs

Renting

Pros:

Low upfront costs

No or low maintenance responsibilities

Cons:

High long-term costs with limited housing security

Nonrefundable deposits and lack of control of ongoing housing costs

Did you know? A homeowner’s net worth is typically 45x greater than a renter’s.

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Download Your
Rent vs Buy Guidebook Today!

Find out if buying a home makes sense for you, or if you're just better off renting.

By submitting this form, I/we agree to your Privacy Policy Terms of Use and authorize Churchill Mortgage Corporation and/or their Preferred Provider for our area and/or The Churchill Agency to receive the above information to assist in obtaining a home loan.

I/we also authorize Churchill Mortgage Corporation, The Churchill Agency and/or their Preferred Provider for our area to contact us regarding but not limited to mortgage and insurance services and products via telephone, mobile phone (including through automated dialing), and/or email, even if telephone numbers or email I/we provide are on any Do Not Call/Contact Registry, such as corporate, state, or the National Do Not Call Registry. The submission of this form does not constitute in any way a formal loan application or a commitment for a loan. By communicating with us by phone, you consent to calls being recorded and monitored. By participating, you consent to receive text messages sent by an automatic telephone dialing system. Consent to these terms is not a condition of purchase.

 

5 Steps to Get Ready to Buy a Home

The most important part of understanding the mortgage process is finding a lender who understands you and your home loan goals (like saving time and money). Some parts of the process can be taken care of now while other parts will occur after you’ve picked out your home. Here’s a quick and easy view of the home loan process:

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Don’t open any new lines of credit

What could initially save you a few dollars could e nd up costing you hundreds or thousands!

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Clarify how much house you can afford

Even if you’re only looking online right now, it’s best to start looking for a Realtor® who is familiar with your local housing market.

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Save for a down payment

If you don’t have 20% to put down on a house, don’t sweat it. There are alternatives to the 20% rule, especially for first-time home buyers

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Become a Churchill Certified Home Buyer

This is the gold-standard of pre-approvals and can help you get your offer accepted quickly and close on your new home faster.

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Closing on your new home

The underwriter will issue your final approval, process your closing paperwork and schedule your closing date and time. On your official closing day, you’ll have a lot of documents to sign but in the end your loan will be funded, and you’ll get the keys to your new home.

 

Your Home Buying Team

Getting a mortgage doesn’t have to be complicated. There are two main people you need to add to your home buying team when you start looking for your first home. Your team will do the heavy lifting and help you achieve complete confidence and peace of mind during each step of the home buying process.

  • Home Loan Specialist:
    This is your guide through the entire home loan process so you’re not blindsided by any unexpected events. Your Home Loan Specialist will take the time to get to know you to help you figure out the best loan for your situation.
  • Real Estate Agent:
    This is a pro who will help you find your dream home. Agents can help you find a home in your price range, provide insider information (like price reductions and soon-to-be-listed properties) and is a master negotiator.

If you’re interested in learning more, we’d love to help. As a first-time home buyer, it’s important for you to get advice from an expert in your area who will take the time to help educate you and explain the home buying process from beginning to end.

Connect with an Expert!

With so much of your hard-earned money on the line, it’s best to seek advice from a trusted home loan expert and have the confidence that you are in qualified hands.

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By submitting this form, I/we agree to your Privacy Policy Terms of Use and authorize Churchill Mortgage Corporation and/or their Preferred Provider for our area and/or The Churchill Agency to receive the above information to assist in obtaining a home loan.

I/we also authorize Churchill Mortgage Corporation, The Churchill Agency and/or their Preferred Provider for our area to contact us regarding but not limited to mortgage and insurance services and products via telephone, mobile phone (including through automated dialing), and/or email, even if telephone numbers or email I/we provide are on any Do Not Call/Contact Registry, such as corporate, state, or the National Do Not Call Registry. The submission of this form does not constitute in any way a formal loan application or a commitment for a loan. By communicating with us by phone, you consent to calls being recorded and monitored. By participating, you consent to receive text messages sent by an automatic telephone dialing system. Consent to these terms is not a condition of purchase.