Purchasing A Home
Unlike renting, owning a home allows you to build equity. In addition to being a place to live, your house is an investment. However, home ownership comes with more responsibility than renting.
The next factor you need to consider is your credit score. Your credit score plays a major part in determining what interest rate you receive when getting a mortgage. The higher your credit score, the lower your interest rate will most likely be. Review your credit score with the major credit bureaus (Equifax, TransUnion and Experian). Verify your credit history is accurately reporting credit card and loan payments or other debt.
The following are the mortgage loan type comparisons.