dxmnkd316
Lucia Apologist
Re: Rep retirement lodge CC - greetings from heathrow
Yep, but it varies. Seven is the rule of thumb. I think for me I broke even within a couple years since I refied to a 2.75% 15-year. Despite two closings I'm significantly in the black. I think closing only cost me around $5k a pop...? That seems high but I can't remember.
There are three reasons I could see renting making sense:
1. You don't want to take care of a house
2. You don't have a down payment or can't meet financial requirements
3. You plan on moving within five to seven years
Due to sellers fees associated with the home buying process, it's often said that if you're planning on moving within seven years, you should rent instead of purchase. The higher monthly bill of renting is most often offset by the seller fees. And you're also going to rent if you don't have the cash to put down enough cash to satisfy lenders' financing requirements.
Yep, but it varies. Seven is the rule of thumb. I think for me I broke even within a couple years since I refied to a 2.75% 15-year. Despite two closings I'm significantly in the black. I think closing only cost me around $5k a pop...? That seems high but I can't remember.
There are three reasons I could see renting making sense:
1. You don't want to take care of a house
2. You don't have a down payment or can't meet financial requirements
3. You plan on moving within five to seven years