Financing Condo, Townhouse, Apartment Mortgage Rent

When acquiring your new bachelor pad, you have the option of renting or buying.  There are many pros and cons to both, but in short it is usually best to buy for future financial goals.

Banks will offer the standard 15 and 30 year mortgage loans and based on your credit will usually determine the interest rate.  There are ways to get into lower interest rates such as 5 year interest only loans, however with the market in its current state we are finding it is best to go with a 30 year loan.  If you can afford to pay it down quicker, than more power to you, but we still recommend the 30 year as a safety net.

Mortgages can be sought through brokers or buying going directly to the bank.  With website such as lendingtree.com you can submit an application and then have a few different lenders to choose from.

If you decide to rent than all is not lost.  In many states the real estate market is very flat and renting is not such a bad idea right now.  You can get more bang for your monthly outflow while the owner of the home usually is taking a loss.  Renters are claiming the market for renting is great right now as home owners that cannot sell are forced to rent out their home in order to cover some of the cost.

However when renting, you usually cannot modify the structure of your bachelor pad without the landlords permission and even than you are contributing to a home that is not yours.   If you decide to rent there are a number of improvements you can seek out that you can take with you.  This will be ideal so you don’t put money into something that is not yours.

When renting you are usually required a first month and deposit up front.  So keep that in mind when shopping.  The way the market it, you can sometimes get this waived based on good references and a job.

Remember to always shop around when looking for your next home.  Even if you are completely sold on your first choice, it is good to keep an open mind.  If buying be sure to inspect the house entirely and if you find problems, have the owner fix them before signing anything.

Once you move into your bachelor pad, begin exploring this site for images and ideas for decorating your man cave.