Buying a home Vs. Renting

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Can buying a home save you money over renting?

Did you know that getting a mortgage with us can be even cheaper than renting? It’s true, Commonfund Mortgage makes it uncommonly easy for you to save big on your mortgage and get the home of your dreams. Renting comes with big trade offs, like not being able to paint your walls whatever color you want, and monthly payments that never stop. When you work with us, we work with you to get the best mortgage possible and start down the path to homeownership. Often, especially in Central New York, it’s possible to have mortgage payments that are close to or less than rental payments– that’s not to mention the overall savings in the long run. In Syracuse, the cost of buying a home is considerably lower than the state average. Working with us makes it easy to take advantage of the market and start saving money on your new home.
In today’s market, the benefits of buying a home often outweigh those of renting. Not only does taking out a mortgage build equity in your home, which you will own in time, but also it can also even be less expensive in the long run. Here at Commonfund Mortgage, we make the process of getting an affordable mortgage package uncommonly easy with one of our fantastic loan programs!

Down payment options built around you

For many, the initial down payment on a home is the most daunting aspect of taking the leap toward home ownership. With FHA loans, the initial down payment made toward a mortgage is often lower than average.

Tax deductions can make owning your home even more affordable

Some of the greatest benefits of becoming a homeowner are the financial savings you will see in the form of tax deductions and credits that aren’t available to renters. As a homeowner, you can deduct the mortgage interest paid each year from your taxes.

FHA Mortgages allow donations to lower overall costs

Unlike rent, or some other types of mortgages, if you are approved for an FHA loan you are eligible to use gifts and charitable donations to make a down payment on your mortgage. This brings down subsequent payments— it’s just that much more affordable.

Fixed mortgage rates make sure payments remain the same.

When you are renting, there is the possibility of a rent increase looming over your head. Valuation and property sales play a part in the amount a renter is asked to pay—factors not present in mortgages. In most markets the cost of rent is increasing steadily. With a mortgage versus monthly rent, you need not worry about changing monthly cost.

If interest rates drop you can refinance your mortgage.

Refinancing your mortgage with Commonfund is uncommonly easy. With easy qualification, you could see huge savings resulting from a few minutes of time speaking with us. Contacting a Loan Officer for more information can answer all of your question and getting on track to save a ton of money on your mortgage.

Mortgages are complex – talk to a pro.

Get your true budget and find a home with ease.

Figure out your estimated payments the easy way.

  • Contact Us

    Give us a call at 1-315-422-2325, or chat with us through our online chat option.

  • Know Your Options

    We will work with you and go over all of your options in order to make sure you pick the best mortgage option possible and get the home of your dreams.

  • Save money

    When you work with us, we help to find the right kind of mortgage for your situation. We make sure you get the best deal possible, saving you money!

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Popular Loan Options

  • 15 Year Fixed

    3.125% | 3.264% APR

    Pay off faster
    save on interest

  • 30 Year Fixed

    3.75% | 3.831% APR

    Low payments
    that never change

  • 30 Year Fixed FHA

    3.50% | 4.343% APR

    Low down payment,
    government insured

  • 30 Year Fixed VA

    3.50% | 3.518% APR

    stable payments

Explore Loan Options

Rates current as of 09/18/2017, 12:15 p.m. Our assumptions