owning a house vs renting costs

[sarad]

Re: owning a house vs renting costs

@bebo

Hmm not necessarily. You have to evaluate your financial situation, loan amount and mortgage rates. Statistically speaking, chances are that you won’t be staying in the same home for 15 years. First time home buyers move to a second home in 5 to 7 years give or take. There is no benefit to paying higher mortgage when you’ll be moving on.
With longer loan term, You’ll be able to save monthly and put that into other investments instead of putting all your eggs in one basket. Current interest for 30 year fixed in 3.6% and in lower interest environment, 30 years loan makes more sense.
But of course you have to do your own analysis of market and your investment goals. Here is an article that may help make things clear for you.
Choosing between a 15-year and 30-year mortgage

Thanks for the article.