Buying vs Renting: Which Is Right For You?
March 28, 2023
Should you renew your lease and keep on renting, or is it time to take the leap and buy a home? You may be currently enjoying the benefits of being a renter—maybe included utilities, free maintenance repairs, and an easier ability to move, among other reasons. Naturally, becoming a homeowner means trading these benefits for different ones.
There’s a lot that goes into the decision to buy a new home, and the current market can be complicated to navigate. Before deciding your next move, consider these things before making the final determination. You don’t have to make that decision alone. To help you take some of the guesswork out of your moving decisions, we’ve launched a new, all-in-one resource: the Renting to Home Ownership page. These are just a few of the items featured:
Benefits and drawbacks
Both renting and home owning have their pros and cons. It’s important to take these into consideration before jumping into a decision.
Mortgage Learning Center
Empower yourself with knowledge by looking through our specially curated collection of helpful resources.
Meet with an expert
Schedule an appointment with one of our dedicated mortgage specialists to review your situation and help you create a plan.
We hope to be your guide through all of life’s big milestones. Whether you’d like to continue to weigh the decision to buy a home or you’re ready to start shopping for mortgages, we’re here to help.
PPP Forgiveness Application Deadline
Congress passed The Economic Aid Act which changed the deferment period from 6 months post covered period to 10 months post covered period. For example, if your covered period ended June 30, 2021, under the new guidelines the earliest your first loan payment wouldn’t be due until April 2022, and you have until then to request forgiveness. Please use the following calculation to help you identify when your forgiveness will be due:
- PPP borrowers may select a covered period anywhere from 8 weeks to 24 weeks.
- RCU is automatically calculating your loan due date based on a 24-week covered period, if you intend on using a shorter covered period please inform us immediately as this will impact your due date.
- Your correct deadline will be reflected in your online banking account.
If all or part of your PPP loan is not forgiven, your first loan payment will be due the first of the following month after a decision is made by the SBA.
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