Mortgage basics: Buying or renting – What’s right for you?

April 05, 2018

Homeownership is a big responsibility, so it’s important to consider many factors before deciding whether to rent or buy.

 

Whether you’re starting your career, settling down with a family or preparing for retirement, it’s important to carefully consider your financial position before deciding whether to rent or buy a home. Learn more to help determine whether homeownership seems right for you.

 

If homeownership seems right for you, working with a trusted mortgage loan officer to determine how much house you may be able to afford is a good first step.

Mortgages at U.S. Bank

Related content

These small home improvement projects offer big returns on investment

Webinar: Mortgage basics: Finding the right home loan for you

How to fund your business without using 401(k) savings

Dear Money Mentor: What is cash-out refinancing and is it right for you?

Can ABL options fuel your business — and keep it running?

How to get started creating your business plan

The lowdown on 6 myths about buying a home

Collateral options for ABL: What’s eligible, what’s not?

ABL mythbusters: The truth about asset-based lending

10 ways to increase your home’s curb appeal

Checklist: financial recovery after a natural disaster

Checklist: 10 questions to ask your home inspector

Closing on a house checklist for buyers

What’s the difference between Fannie Mae and Freddie Mac?

Changes in credit reporting and what it means for homebuyers

Tips for realtors to help clients get their homeownership goals back on track

Are you ready to restart your federal student loan payments?

3 tips for saving money when moving to a new home

5 ways to maximize your garage sale profits 

Pros and cons of a personal line credit

For today's homebuyers, time and money are everything

Why other lenders may be reaching out to your employees

6 essential credit report terms to know

Avoiding the pitfalls of warehouse lending

4 benefits of independent loan agents

A checklist for starting a mobility program review

Middle-market direct lending: Obstacles and opportunities

High-cost housing and down payment options in relocation

At your service: outsourcing loan agency work

Maximizing your infrastructure finance project with a full suite trustee and agent

How to maximise your infrastructure finance project

Housing market trends and relocation impact

How jumbo loans can help home buyers and your builder business

Prioritizing payroll during the COVID-19 pandemic

5 tips to help you land a small business loan

Streamline operations with all-in-one small business financial support

How to establish your business credit score

Opening a business on a budget during COVID-19

When to consider switching banks for your business

Is raising backyard chickens a good idea financially?

7 steps to prepare for the high cost of child care

What are conforming loan limits and why are they increasing

How to save for a wedding

How I did it: Turned my side hustle into a full-time job

Multiple accounts can make it easier to follow a monthly budget

For today's relocating home buyers, time and money are everything

Crypto + Relo: Mobility industry impacts

Evaluating interest rate risk creating risk management strategy

Tech lifecycle refresh: A tale of two philosophies

Don’t underestimate the importance of balancing your checking account

Beyond Mars, AeroVironment’s earthly expansion fueled by U.S. Bank

What types of credit scores qualify for a mortgage?

Test your loan savvy

Webinar: Mortgage basics: What’s the difference between interest rate and annual percentage rate?

How do I prequalify for a mortgage?

Can you take advantage of the dead equity in your home?

Home equity: Small ways to improve the value of your home

Webinar: Mortgage basics: How much house can you afford?

8 steps to take before you buy a home

Is a home equity line of credit (HELOC) right for you?

Webinar: Mortgage basics: 3 Key steps in the homebuying process

Webinar: Mortgage basics: Buying or renting – What’s right for you?

How to use your home equity to finance home improvements

Webinar: Mortgage basics: What is refinancing, and is it right for you?

Should you get a home equity loan or a home equity line of credit?

5 things to avoid that can devalue your home

6 questions to ask before buying a new home

What is refinancing a mortgage?

What is an escrow account? Do I have one?

Quiz: How prepared are you to buy a home?

10 questions to ask when hiring a contractor

What to know when buying a home with your significant other

Webinar: Mortgage basics: How does your credit score impact the homebuying experience?

What is a home equity line of credit (HELOC) and what can it be used for?

Dear Money Mentor: When should I refinance a mortgage?

Building a dream home that fits your life

Are professional movers worth the cost?

First-time homebuyer’s guide to getting a mortgage

Beyond the mortgage: Other costs for homeowners

How I did it: Bought my dream home using equity

Get more home for your money with these tips

Saving for a down payment: Where should I keep my money?

4 ways to free up your budget (and your life) with a smaller home

How I did it: Built living spaces to support my family

Community activist achieves dream of homeownership

Bringing economic opportunity to underserved communities one home at a time

Managing the impacts of appraisal gaps in a hot housing market

Is it the right time to refinance your mortgage?

Spring cleaning checklist for your home: 5 budget-boosting tasks

Overcoming high interest rates: Getting your homeownership goals back on track

Is it cheaper to build or buy a house

Money Moments: How to finance a home addition

Home buying myths: Realities of owning a home

House Hacks: How buying an investment property worked as my first home

Should you buy a house that’s still under construction?

10 uses for a home equity loan

Know your debt-to-income ratio

Your guide to breaking the rental cycle

Is a home equity loan for college the right choice for your student

How to apply for federal student aid through the FAFSA

Which is better: Combining bank accounts before marriage — or after?

Save time and money with automatic bill pay

Is it time to get a shared bank account with your partner?

It's possible: 7 tips for breaking the spending cycle

What to consider before taking out a student loan

Here’s how to create a budget for yourself

Common unexpected expenses and three ways to pay for them

9 simple ways to save

Do you and your fiancé have compatible financial goals?

Is online banking safe?

Recognize. React. Report. Caregivers can help protect against financial exploitation

How I did it: Paid off student loans

The A to Z’s of college loan terms

Costs to consider when starting a business

Questions to ask before buying a car

Webinar: Uncover the cost: Building a home

Webinar: Mortgage basics: Prequalification or pre-approval – What do I need?

Adulting 101: How to make a budget plan

You can take these 18 budgeting tips straight to the bank

Your financial aid guide: What are your options?

How I did it: Learned to budget as a single mom

An investor’s guide to marketplace lending

What is a CLO?

How you can take advantage of low mortgage rates

Buying a home Q&A: What made three homeowners fall in love with their new home

Personal loans first-timer's guide: 7 questions to ask

What you need to know about renting

What you should know about buying a car

What you need to know before buying a new or used car

Take the stress out of buying your teen a car

How to choose the best car loan for you

Practical money skills and financial tips for college students

Personal finance for teens can empower your child

Co-signing 101: Applying for a loan with co-borrower

What’s a subordination agreement, and why does it matter?

Understanding the true cost of borrowing: What is amortization, and why does it matter?

How to use debt to build wealth

Money Moments: Tips for selling your home

How I did it: My house remodel

Everything you need to know about consolidating debts

Student checklist: Preparing for college

Webinar: Uncover the cost: College diploma

How I did it: Bought a home without a 20 percent down payment

Crypto + Homebuying: Impacts on the real estate market

Your quick guide to loans and obtaining credit

Military homeownership: Your guide to resources, financing and more

Webinar: Uncover the cost: Home renovation

4 questions to ask before you buy an investment property

Preparing for homeownership: A guide for LGBTQ+ homebuyers

Parent checklist: Preparing for college

Evaluating interest rate risk creating risk management strategy

Checklist: 6 to-dos for after a move

Start of disclosure content

Loan approval is subject to credit approval and program guidelines. Not all loan programs are available in all states for all loan amounts. Interest rates and program terms are subject to change without notice. Mortgage, home equity and credit products are offered by U.S. Bank National Association. Deposit products are offered by U.S. Bank National Association. Member FDIC.