Great question. First, I wouldn't rush your decision based on your rent term. Buying a home is an important decision and you want to take your time and weigh all of the options. Second, to help you consider all costs, check out our online mortgage calculator on GuaranteedRate.com ("Should I rent or buy") or talk to a…

That's a great question! Interest rates will be slightly less on a conforming loan. If you're looking at a fixer upper, you'll definitely want to have some money available to make any repairs. Talk to a licensed loan officer to break down your specific scenario.

Since you have a time frame in mind for when you'll likely move, you'll want to consider how easy it will be to resell or rent your home. In a city like Chicago, for instance, you'll likely want to buy close to public transportation or amenities like the lake, parks, restaurants/shopping, etc. Guaranteed Rate is based…

Location, location, location! For instance, a single family home down the street from a great school may rent as quickly as a condo near a high traffic shopping/restaurant district. Whether to get a single family home vs. a condo will depend on your market. But, keep in mind, you're responsible for maintenance/repairs…

Hi JPR, I assume you mean a 15 vs. 30 year mortgage :) . On a 15-year mortgage payment, the total cost of the mortgage is much lower than on a 30-year mortgage. If you can afford a 15-year loan, that's a great option (and the rates have been phenomenal lately).

There's no right or wrong answer. It's so hard to predict where rates will be in 3-5 years and condo vs. single family home living is different in every market. It's a very personal decision. We can crunch the numbers with the rates available now, so to get an idea of how the cost will break down to buy a place now…

That's a great question and one that we come across often. I would never recommend rushing your home purchase decision because the end of your lease is coming up. You're making "life's biggest purchase," so you want to take your time to find the right place. Your dream home is worth the inconvenience of doing a…

Thanks for your service; we appreciate what you do for our country. As engineers, you've probably checked out the numerous mortgage calculators available on the web to compare renting vs. buying, but to know exactly how it's going to work out for you, give us a call and we can talk through your finances without…

Thanks for the question. It looks like you've done a great job crunching all of the numbers and considering all of the relevant factors. Buying a home is truly a personal decision. Keep in mind, in many markets, the tax rate is based on the value of the property. So, the tax rate could actually be less if the home…

I'm sorry to hear that; unfortunately, there's a lot of people in the same boat. If you're hesitant to buy again, my advice is to talk to a real estate professional in the market you're moving into who can better help you understand all of the economics behind buying a home in the area vs. renting. Additionally, if…

Hi Ryan. You'll want to consider how much you want to put down and how much it will cost to rent in your area vs. buy. There are programs available that will allow you to put down 3.5%, but if you want to put down more, it would make sense to rent for a little while until you save up more money. However, I know in our…

Thanks for the question. The good thing is that there are tons of loan options available (especially for first time home buyers), but not all banks carry all of the options available. I'd recommend talking to a few different lenders to see what options are available. Try giving Guaranteed Rate a shot; we'd love to…

Hi Cathie, thanks for the question. When buying a condo, you'll also have to consider things like the building's amenities and quality of construction — you'll be paying for those things. However, with the rates being extremely low and the rental market being so competitive (especially in Chicago, where I'm located),…

Hi Rogello, it's definitely feasible, but you typically need to wait two years before applying for your loan. Reach out to your licensed loan officer for specifics on VA programs.

That's a great question. When you're paying PMI, you want the value of your home to appreciate while paying down your mortgage balance until your PMI drops off. In reality, you won't be paying PMI for as long as you live in the home — eventually, it will be removed or you can refinance when you have 20% equity. There…

Living off of one income is a great way to save for the down payment of your home. The cost of living is different in every market, so take a look at what homes are going for in your area. The general rule of thumb is that the mortgage payment (plus all other monthly expenses) shouldn't exceed more than 45% of your…

Great question! Buying an investment (rental) property requires a larger down payment than buying a home for yourself. It can be a really great investment; it can even help pay off your mortgage. There are ways to buy a 2-4 unit property with as little as 3.5% down, as long as you live in one of the units. But,…

For your situation, buying a home is a very attractive option. Being a first time home buyer, you have many home loan options available — there are even downpayment assistance programs available. But, you'll also want to consider costs like home inspection, lawyer fees, appraisal costs and other third party fees. To…

First, think about what home ownership means: How much can you afford per month (take a look at all-in costs — taxes, insurance, association fees, etc.)? Do you know where you want to live? If you want to live in a great area, it may cost more to buy than rent. For many, it takes years of renting to figure out where…

That's a good question. It's common to underestimate how long you'll actually be in your home. On average, most people move between 5-7 years. If you know you'll be in your home for two years or less, you'll want to take a look at closing costs and other costs to determine if you'll break even. That being said, if…