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Buying a home?

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No matter what your situation is, there is a home financing solution for you. We are ready to guide you through your options and get you the best deal possible!

Conventional

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FHA

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VA

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Jumbo

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Renovation

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USDA

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Reverse Mortgages

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2-1 Buydown

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Land Loans

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Fix and Flip

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1% Down & No PMI

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0% Down FHA

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How the process works

1

Documentation

There are a few critical documents we will need to verify to start your process.

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2

Appraisal

The appraisal ensures the home you are buying is worth the price that is being offered.

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3

Initial Underwriting

The Underwriter will verify that all information is accurate and authentic.

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4

Conditional Approval

Conditional Approval is granted when the Underwriter approves the loan under certain conditions.

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5

Clear To Close

The Underwriter verifies that all documentation has been provided and all conditions have been met.

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6

Closing

Signing the final documentation and receiving the keys to your new home!

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Does renting or buying a home make more sense? Check out what is best for you by using our Rent vs Buy Calculator…

Our mortgage calculators are for demonstration purposes only and may not reflect actual numbers for your specific mortgage. Contact us and we will walk you through the best possible mortgage scenario for your specific needs!

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$500 $10,000
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$50,000 $2 Million
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Credit Score
Advanced (optional)
Loan Term
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$ /month
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Buying is cheaper than renting after
If you buy a house, after 3 years it will cost you $58 more per month and $5000 more in total than if you had rented. But you will own in equity of your home with an appreciated value of . If you buy a house, after 3 years you will have saved $58 per month and $5000 in total than if you had rented. You will also own in equity of your home with an appreciated value of .
Buying will never be cheaper than renting
Home equity after
RENT: $0
BUY: $0
years
Total cost over years
TOTAL COST
YEARS
Save & Email Results
Costs over
Monthly Cost (after )
Rent
Buy
Difference
$0
$0
$0
Yearly Cost (after )
Rent
Buy
Difference
$3,019
$92,453
$89,434
Total Cost (after )
Rent
Buy
Difference
$3,019
$92,453
$89,434
Estimated Costs
These costs are estimated based on the information under the advanced section. You may adjust these values to suit your particular situation in order to get a more accurate estimate.
Monthly mortgage payments
$
Homeowner's insurance
$
Private Mortgage Insurance
$
HOA dues
$
Property tax
$
Home repairs
$
Renovations
$
Closing costs
$
Yearly rent increase
%
Rental insurance
$
How We Calculate the Costs
Calculating the Cost of Renting The cost of renting is relatively straightforward to calculate. It primarily includes your monthly rent payments and a few additional expenses:
  • Monthly rent payments
  • Security deposit (typically equal to one month's rent)
  • Renters insurance (annual premium)
Calculating the Cost of Buying The cost of buying a home is more complex and includes both one-time and ongoing expenses: One-time Costs:
  • Down payment
  • Closing costs (typically 2-5% of the home's value)
Ongoing Costs:
  • Monthly mortgage payments (principal and interest)
  • Property taxes
  • Homeowners insurance
  • Private Mortgage Insurance (PMI) if applicable
  • HOA fees (if applicable)
  • Maintenance and repairs
  • Home improvements and renovations
Assumptions Our calculator makes several assumptions to provide a comprehensive comparison:
  • Annual home appreciation rate: %
  • Annual rent increase: %
  • Renters insurance: $ per year
  • Home maintenance and repairs: % of home value per year
  • Home improvements and renovations: % of home value per year
  • Selling costs when you sell the home: % of home value
These values can be adjusted in the advanced settings to better reflect your specific situation. The calculator takes all these factors into account over the specified time period to determine whether renting or buying is more cost-effective in your situation. Keep in mind that this is a simplified model and your actual costs may vary based on your specific circumstances and local market conditions.

Smart Home Lending, LLC

NMLS #21440357

We work with over twenty lenders to negotiate you the lowest rate every time. Fast approvals, fast closings, low costs.

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(913) 599-9222hello@smarthomelending.com
Our Team