Is Renting An Apartment A Smart Decision

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Is Renting An Apartment A Smart Decision
Renting an apartment, is it a wise decision? It all depends on a couple of things you need to consider. These are all things you have thought about before but now it is time to take a good hard look at them.

Can you afford to buy a home? If you can afford to buy a home you really should consider it. It beats the heck out of renting and you are creating an asset. If it is matter of no wanting to take care of the lawn, paint etc. Then you should consider buying a condo.

Do you have good enough credit? To buy a home you will need to have at least a 620 credit score. If you have had a bankruptcy or foreclosure they need to discharged for at least 3 years. There are some exceptions to this with an FHA loan.

Do you have a down payment? If you don't have a down payment to buy a home there are still a couple of zero down home loans available.

Do you have money to pay fees to buy a home? If not you can often times get the seller to pay your closing costs. If you were planning on moving into an apartment you could use all of the fees you were going to pay to the apartment complex to cover a large portion of your fees.

If you were thinking that renting an apartment was a smart choice because you did not have a down payment, were worried about your credit, had a bankruptcy or foreclosure you were wrong. You can buy a house. Call a lender today and stop renting.