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2810 Fieldstream Drive North
Wilson, NC 27896
Phone: 252-237-4357
Fax: 252-243-2681
March/April 2019
Buy or Rent
If you’re young and starting out, home ownership may seem like an impossible dream. However, you can increase your chances by reducing your debt. Answer the following questions to see where you stand.
How much credit card debt do I owe?
Cards from department stores and gas stations are revolving charge accounts, and they often carry interest rates of 20% and higher. If you have a balance on a revolving account, consider paying it off first. Look at tackling high-interest-rate credit cards next.What about my student loans?
Typically, student loans, held by federal agencies, have lower interest rates than other types of credit. So tackle debt with higher interest rates first.So, buy or rent?
Work on your total-debt-to-gross income ratio. Depending on the mortgage provider, your ratio should range anywhere from 28% to 40% or so. Next, check housing prices compared to paying rent. If rent rates are reasonable and home sale prices are high, money talks. Don’t forget to compare other ownership costs, including insurance, taxes, maintenance and travel to work.CONTACT US
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Active Planning & Investment Solutions and LTM Client Marketing are unrelated companies. This newsletter was created by LTM Client Marketing and was not written or created by the named financial professional and does not necessarily represent the views and opinions of Avantax Wealth Management® or its subsidiaries.
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