To Rent or To Buy?

We are currently assisting a borrower who is purchasing a duplex in northern Indiana that will see significant advantages once the transaction closes. The borrower, who is a single woman, had some credit issues, and had been on the fence about whether to purchase a property, or continue to rent.

The borrower had good income and had money in the bank, but had been a bit sloppy in the handling of her debt over the years. We worked with her to get some collections and account disputes resolved, and her credit score improved considerably. With a pre-approval in hand, she searched for available properties, and ended up reaching out to her landlord about his willingness to sell the duplex that she resided in.

The landlord agreed to sell the property, and she went from paying $750 month in rent, to getting approved for a loan that will enable her to own the building and have a total obligation on the property of less than $775 for principle, interest, taxes and insurance. The other unit in the duplex has a renter that she knows and likes, who pays $750 per month in rent.

As a homeowner, she will have tax advantages of writing off her mortgage interest, property taxes, and certain expenses associated with renting the other unit.

Visit www.firstindianamortgage.com to research available mortgage products, obtain a rate quote, or apply for a loan.

We are currently assisting a borrower who is purchasing a duplex in northern Indiana that will see significant advantages once the transaction closes. The borrower, who is a single woman, had some credit issues, and had been on the fence about whether to purchase a property, or continue to rent. The borrower had good income […]