Rent vs. Buy

Believe it or not, home buying is not as daunting as it seems. Typically, the amount of money at you are spending on your rent is actually enough to afford a mortgage payment, depending on your income level. It is interesting, when you break down the numbers just what you can afford. Gone are the the days where a large down payment is necessary for all real estate transaction, with the little or no money down options, mortgage companies are issuing 100% and interest only financing to qualified applicants. Also, there are programs for buyers who have a "modest" down payment. I have attached a link to a Ginnie Mae website that shows a breakdown of the Buy Vs. Rent dilemma and offers a calculator that you can use to input your financial information and determine if buying is right for you.

Buy Vs. Rent Chart and Calculator

Haderlein & Company Realtors.  Chicago's online Real Estate source for Residential, Investment and Commercial real estate in Chicago.