Rent or buy? Ask Bank of America
11/29/2010
By Credit.com Staff
Some consumers are considering whether to lease an apartment or take advantage of record-low mortgage rates and purchase a home. On the one hand, individuals would benefit from locked-in low rates, however many are hesitant to buy until the economy and unemployment rate improves.
A new Bank of America feature will educate consumers on the pros and cons of homeownership and help them make the best decision for their personal financial situation. The program, Buy or Rent? Which is right for you?, provides information on the overall costs of homeownership, including initial purchase and loan expenses, closing costs and the long-term financial impact of owning a home, such as property taxes and insurance.
The program also highlights the benefits of buying a home, such as the accumulation of equity and tax breaks.
Prospective buyers may also benefit from consulting a bank loan officer, who can review their finances and explain other factors that will be taken into consideration, such as a consumer's credit score.
