Monday, April 25, 2005

Rent vs. Buy - How Much Can You Afford?

Use this tools and related resources to help you to determine if and when you should be buying instead of renting:

Can You Buy? - This mortgage calculator will produce and analysis report to help you determine loan amounts, affordability, mortgage qualification, or whether you should be renting or buying..

Rent vs. Buy - Use this calculator to determine whether it is a better financial decision to rent or to own a home.

Ginnie Mae - Your Path to Home Ownership (including Renting vs. Buying calculator) - With the information you provide, you will receive a general estimate of how much you can afford to spend on a house; a calculator that gives estimates for FHA, VA and Conventional loans based on the home sale price you provide; plus more First Time Homebuyer tools and resources.

ABA - Rent vs. Buy Calculator - If your current rent payment were going toward a house payment instead, what size mortgage would you be paying? Use this calculator to find out.


Even if you decide to rent, when making an offer to a prospective landlord, they will usually require submission of a credit report. Use the following to estimate and learn about what is considered in determining you scores:

Credit Score Estimator - Want a quick idea of how lenders are likely to rate your credit? The FICO® Score Estimator, created by the inventor of the FICO® score -- Fair Isaac -- will evaluate the information you enter and estimate your credit score range based on that information. Additional simulations and access to actual scores are available at the Fair Isaac web site: MyFICO.com

For more information about the FICO score and your credit, see the following previously-posted blog entries...

Credit Score Truths and Myths

How Your Credit Effects Your Insurance

Free Annual Credit Report for Consumers

[Update:
Click here for information about the new standardized VantageScore that the 3 major credit reporting companies have jointly developed and are marketing to compete against the FICO score.]



Visit my web site for additional resources and services: http://LawrenceYerkes.com

or visit http://BestHomes-NJ.com for the latest property listings (residential, commercial, multi-family, farm, land)

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