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One of the decisions that many people
need to make is whether they should buy a home or rent for awhile.
A key issue is whether you are planning to stay in the purchased home
for at least five years. If not, then given all the costs involved
in buying a home, you may want to consider renting.
The following links may be helpful in making that decision:
The Buy
v Rent Decision. House Rules: How to Decide if it's time
to own rather than rent, by Suze Orman.
Rent v Buy Calculator, from E-Loan (make sure you check and
amendment the assumptions when you get to the second page)
In terms of mortgages, be very careful of getting locked into a mortgage
you cannot afford, one where the payments will increase in a few years,
or an interest only mortgage. However, interest only mortgages can
be very good if you have the discipline to invest the difference between
the equivalent of a 30 year fixed mortgage and the interest only portion
every month in a good investment fund. You could pay off your
mortgage in roughly half the time.
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