My mortgage will be down to about $1,020 a month for an almost 2,000 sq. ft. 3/2 home in NW Raleigh after my most recent no cost refinance. I put 20% down originally in 2006 when purchased and three refinances later, I'm paying about $330 less than I did in 2006
However, like a previous poster said, I have put $25-$30k into the house over the last 6 years, including a new HVAC system, Flooring, Concrete patio, Fence, etc. So upkeep can eat into a lot of the savings. Renting my same house would have cost me about $25k more in mortgage over the last 6 years, so long term the tax advantages and rise in equity should allow you to come out ahead over renting. Plus it's YOUR place to call home and no one else can take that away from you.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
