Buying vs Renting
"Anything"

Have you ever thought that the money you spend on rent could be paying for a mortgage instead? Sometimes, this may be true, but it's essential to be an informed consumer to understand the benefits of buying versus renting and to know when the best time to make a purchase is.

At Vivid Financial Counselors, we help you evaluate the pros and cons of renting and buying, empowering you to make the best financial decisions based on your unique circumstances. Whether you're considering a home, a car, or any other significant purchase, we provide the guidance you need to determine the optimal path for your financial future.

Acquiring “Anything”

• Determine the feasibility of a major purchase.

  • For example: vehicles, appliances, furniture, electronics.

• Learn about pre‐purchase research.

• Purchase, lease, or rent‐to‐own?

• Property protection options:

  • For example: warranties, service contract

• Discuss how major purchase values are determined.

• The implications of rolling negative equity into a new purchase.

• Learn how to negotiate that price.

• Consumer complaint process.

Renting a home

• Pros and cons of renting a home based on current and future goals.

• Determining an affordable rent.

• How to compare rental options based on wants and needs.

• Rental agreements.

• Rights and responsibilities of landlords and tenants.

Purchase a home

• Pros and cons of owning a home based on current and future goals.

• Determining affordable housing expenses:

  • For example: principle, interest, taxes, insurance, maintenance, HOA, improvements, and utilities.

• Home buying process.

  • Search strategies (for example: prequalification, realtor selection).

  • Mortgage application process (for example: banks, credit unions, mortgage lender, mortgage broker).

  • Mortgage selection process (for example: Private Mortgage Insurance, down‐payment, escrow accounts, amortization, closing costs).

  • Types of loans (for example: fixed vs. variable, duration of loan, contract for deed, interest only).

• Calculate the front‐end and back‐end ratios.

• Refinancing a mortgage.

• Mortgage workout (for example: short sale, modification, deed‐in‐lieu of foreclosure).

Take the first step towards financial freedom…click now to Vivid Financial Counselors and book your free consultation. Let’s get started on empowering your financial future.