Jacksonville, Fla. July – Bayway Mortgage Group kick started its consumer education initiative by releasing an informative infographic about the benefits of owning a home verses renting a home after three years. Bayway Mortgage Group’s consumer education initiative strives to inform prospective consumers about real estate and homeownership topics in order to increase financial stability and help strengthen communities.
The first of many topics Bayway Mortgage Group chose to pursue illustrates the advantages of owning a home vs. renting a home. To communicate its message in an effective way with a simple channel of distribution, Bayway Mortgage Group chose to create an infographic to compare renting vs. buying side by side.
An infographic is a visual representation of information, typically in the form of a digital image file, which can be shared in the same way as sharing a picture online. Bayway Mortgage Group’s infographic shows the difference after three years in the common costs associated with renting a home and purchasing a home of equal size.
The costs associated with renting are shown on the left side. The infographic displays a $1,250 per month rent with a $1,875 security deposit. The monthly payments after three years add up to a surprising total of $45,000.
On the right side, the infographic shows the costs associated with buying a home of similar value. The purchase price is $176,000, the rate is 4.25 with a 30-year fixed loan and the loan amount is $167,200 with a $8,800 down payment. The monthly principal and interest (P&I) on the mortgage is $822.52 and the tax is $427.48. The P&I plus the tax make the total monthly payments $1250 per month, so after three years a similar total of $45,000 is spent.
While the total amount of money spent on monthly payments in renting vs. buying after three years can be the same, the advantages of buying a home become clear when comparing equity after three years. In this example, a homeowner would have approximately $17,628 in equity after three years. The renter would have $0.
Additionally, there can be other advantages to buying a home like tax deductions on mortgage interest. Also, while renting a home, the monthly rent payments can be subject to change after a period of time.
Bayway Mortgage Group hopes its recent infogrpahic and ongoing consumer education initiative helps to create better informed consumers, making smarter financial decisions. Other topics to look for in the future from Bayway Mortgage Group include types of mortgage loans, how the loan process works, how to refinance your loan and how to find the right mortgage loan.
Bayway Mortgage Group is located in Jacksonville, Florida and focuses on offering low rates with less than 30 day closing times and a price match guarantee on refinance and mortgage loans. Bayway Mortgage Group strives to develop a holistic understanding of a client’s situation in order to provide mortgages that are sustainable and will lead to home ownership without financial challenges.
Company Name: Bayway Mortgage GroupContact Person: Brian Smith
Email:Send Email
Phone: 904-446-3907
City: Jacksonville
State: Florida
Country: United States
Website: www.baywaymortgage.com
Source: www.abnewswire.com
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