With our Mortgage Days deals going on through the end of the month, it’s a great time to remind customers that it’s worth visiting with one of our mortgage professionals whether they want to buy a home or plan to rent for the foreseeable future.

North Shore Bank recently released this short video explaining that each option has its advantages and disadvantages. For example, when you purchase a home, you have the opportunity to build equity in it, and ultimately either own it outright or turn a profit selling it. You may also be able to take helpful tax deductions each April. Renting, however, means you aren’t responsible for repairs and maintenance to the property, and it allows you more flexibility — which can be very important if there’s a good chance you’ll move.

Consumer lending manager VP Mike Murphy notes that because everyone’s situation is unique, some customers who believe renting is the more sensible option might actually benefit from buying. Renters concerned about costs should know they might be able to get into a home with as little as $1,000 of their own money, and that their lender may offer rate options that would make a mortgage payment more affordable.

Renters, he adds, should remember that they actually are already paying a mortgage — just not their own. By paying rent, you help your landlord build equity rather than yourself.

“Renters should sit down with a mortgage loan officer who can explain the actual costs and benefits of homebuying, regardless of what they have heard in the media,” Mike says. “Just as people should let a doctor diagnose their illnesses, they should also let a mortgage expert advise them on all the facets of home ownership.”