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It is an age-old question: Should I rent, or should I buy?

Many home owners asked themselves this at one point or another. If you live in Roseville and are a renter, you may be noticing something that makes this question a little more important: rent prices are going up, according to The Sacramento Bee. Specifically, the Bee reports that Roseville rent prices have increased rapidly over the last month, up 3.3 percent – one of the highest percentages in the Sacramento region.

According to the Bee, the average rent in Roseville sits at $1,774 per month and neighboring Rocklin is at $1,698.

There are many ways to answer the question as to whether you should rent or buy, and part of it depends on your long-term goals and where you see yourself living in a year; two years; 10 years from now, and so on. The simplistic way to view it though is that when you own your home you are paying down your loan amount, and when you are renting you are paying down a loan for someone else each month.

And when you are paying down your own mortgage, you may be building up equity, depending on your home’s value and what the local real estate market looks like.

Equity essentially is the dollar amount of your home’s value that you own. You can determine this by subtracting what you owe on your home by what the market says the home is worth. If that number is a positive number, then, generally speaking, that is how much equity you have.

If you qualify, then you could utilize that equity by doing a cash-out refinance or pulling cash out in the form of an equity loan. You could use those funds to help pay down credit card debt, travel, pay for college, home improvements, or other things you have been holding off on.

In this sense, purchasing a home is an investment that can end up paying you, while supplying you with all the comforts that a home brings.

If you have questions about trying to qualify for a home loan in Roseville, make sure to contact us today! We will take the time to get to know your financial goals and try to help you select a loan program that fits your unique situation.

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