--- title: Renting vs buying your home calculator | Liberty Savings Bank description: By offering a high interest checking and savings account, Liberty is dedicated to providing the best banking experience that truly benefits you. --- [![Liberty Savings Bank](https://value.libertysavingsbank.com/hubfs/Liberty_Savings_Bank_June2019/Images/logo.png)](https://www.libertysavingsbank.com/) SHOULD I STAY OR SHOULD I GO # Renting vs Buying a Home ## Want to own your home vs renting one?      ### need to talk to someone who can help you? We have helped many people with Rent vs Home Buying decisions. It doesn't have to be hard. We can make the process easy for you and enjoyable. (\*required field) ![Mortgage](https://value.libertysavingsbank.com/hs-fs/hubfs/Mortgage.png?width=59&name=Mortgage.png)   **experienced** With both the front office and back office knowledge, you are working with a mortgage professional who will make things easy for you. ![LSB-house](https://value.libertysavingsbank.com/hs-fs/hubfs/LSB-house.png?width=59&name=LSB-house.png)   **selection** We have a wide range of mortgage products to fit nearly every situation. ![Mortgage](https://value.libertysavingsbank.com/hs-fs/hubfs/Mortgage.png?width=59&name=Mortgage.png)   highly rated Liberty Savings Bank  has hundreds of ★★★★★ reviews. Liberty is also backed by the FDIC and Bauer recommended. ## Frequently Asked Questions What are the benefits of owning a house? Here are some of the most important financial benefits of buying a house. - Owning a house will help you build wealth over time - You’ll build equity every month - You may be able to take advantage of mortgage tax deductions - You qualify for Capital Gains exclusion - A mortgage “forces” you to save money every month (through your equity) - Long-term, buying is cheaper than renting. What can I expect when applying for a mortgage? Once you have completed an [application](https://lsbmtg.mymortgage-online.com/loan-app/?siteId=6096984036&workFlowId=61437), here are a few things you may expect: - If you have not already been working with one of our [Loan Officers](https://www.libertysavingsbank.com/mortgages/mortgage-loan-officers/), as soon as we receive your application one will contact you ASAP - Your Loan Officer will go over the application with you, checking for accuracy and filling in any missing details. - The Loan Officer will then ask you for some qualifying documents so they can start working on getting your application approved. Below are some general documents that may be requested. - Photo ID - Purchase Contract (If you are buying a home) - Paystubs - Bank Account Statements Do I need great credit for a mortgage? Liberty Savings Bank's minimum credit score requirement for a fixed-rate conventional loan is 620. (Other loan options are available, please speak to a [Loan Officer](https://www.libertysavingsbank.com/mortgages/mortgage-loan-officers/) for minimum score requirements.) How do I start buying a house? There’s a lot that goes into buying a house. If you’re looking to start the process, here are some helpful steps to get the ball rolling. - **Gather your personal info: **Preliminary preparations like talking to your bank, making sure you have a down payment, and knowing your credit score help you know if you’re even ready to buy a house. - **Do your research**: Look up listings in areas you’d like to live and get a feel for the pricing in that area. Look at houses you think you’d like and check those prices. Figure out what you’re looking for so you know what to expect. - **Get pre-qualified: **This will let you know how much you can actually spend. Getting pre-qualified for a mortgage is an easy way to do this. - **Find an adviser, and a good one at that**: Having a professional in your corner can make a huge difference, especially if this is your first time buying a house. Odds are, they’ll know more than you will, and they can provide useful insight throughout the process. You can find real estate agents online, but it’s also recommended that you ask trusted family, friends, and acquaintances for recommendations. - **Shop and make an offer. **Tour, take notes, take pictures, and ask questions! You have to start looking at houses to buy one, so get out there! Take it seriously, pay attention, and relax a bit, this is the fun part! What does "Pre-Qualified" mean? To be"Pre-Qualified" means you have supplied your loan officer with your overall financial picture. Meaning they know your current income, assets, and debt parameters. Our [Loan Officer](https://www.libertysavingsbank.com/mortgages/mortgage-loan-officers/) will then give you an estimate on how much you may be able to borrow if you meet all the qualifications at the time of closing. ## *You can trust liberty* ## Liberty has hundreds of ★★★★★ reviews. Backed by the FDIC. Bauer recommended. [Find out More](https://www.libertysavingsbank.com/★★★★★-rating-by-bauer-financial/) [![Liberty Savings Bank](https://value.libertysavingsbank.com/hubfs/Liberty_Savings_Bank_June2019/Images/logo.png)](https://www.libertysavingsbank.com/) ### YOU CAN TRUST LIBERTY ![SRQ-generic-02](https://value.libertysavingsbank.com/hs-fs/hubfs/SRQ-generic-02.png?width=192&height=178&name=SRQ-generic-02.png)   ### Additional Links - [Testimonials](https://www.libertysavingsbank.com/testimonials/) - [Case Histories](https://www.libertysavingsbank.com/case-histories/) - [FAQs - Frequently Asked Questions](https://www.libertysavingsbank.com/faqs-frequently-asked-questions/) - [Pricing - Checking and Savings Accounts](https://www.libertysavingsbank.com/pricing-checking-and-savings-accounts/) - [Fraud and Security Awareness](https://www.libertysavingsbank.com/fraud-and-security-awareness/) - [Careers](https://recruiting.paylocity.com/recruiting/jobs/List/5189/Liberty-Savings-Bank-FSB) - [Terms and Conditions](https://www.libertysavingsbank.com/terms-and-conditions) - [Privacy Notice](https://www.libertysavingsbank.com/privacy-notice/) - [News & Insights](https://www.libertysavingsbank.com/news-insights/) - [ATM Locations](https://www.libertysavingsbank.com/atm-locations/) - [Existing Mortgage Loans](https://www.libertysavingsbank.com/existing-mortgage-loans/) - [2026 Personal Fee Schedule](https://www.libertysavingsbank.com/wp-content/uploads/2025/12/2026-Personal-Fee-Schedule.pdf) - [2026 Business Fee Schedule](https://www.libertysavingsbank.com/wp-content/uploads/2025/12/2026-Business-Fee-Schedule.pdf) - [★★★★★ Rating](https://www.libertysavingsbank.com/%e2%98%85%e2%98%85%e2%98%85%e2%98%85%e2%98%85-rating-by-bauer-financial/) - [Florida Personal Loans Guide](https://value.libertysavingsbank.com/florida-personal-loans-101) - [Bradenton Florida Guide](https://value.libertysavingsbank.com/bradenton-florida-guide) - [Sarasota Florida Guide](https://value.libertysavingsbank.com/sarasota-florida-guide) - [Venice Florida Guide](https://value.libertysavingsbank.com/venice-florida-guide) - [CRA Public Information](https://www.libertysavingsbank.com/wp-content/uploads/2025/07/CRA-Public-File-07.01.25.pdf) - [Ohio Homebuyer Plus](https://value.libertysavingsbank.com/ohio-homebuyer-plus-savings-account-waitlist) - [Helpful Disaster Relief Information](https://www.libertysavingsbank.com/helpful-disaster-relief-information/) ![footer housing icons](https://value.libertysavingsbank.com/hs-fs/hubfs/footer%20housing%20icons.png?width=163&name=footer%20housing%20icons.png) Optimized for ADA accessibility using W3CAG 2.0 guidelines. APY= Annual Percentage Yield Copyright © 2023, Liberty Savings Bank, F.S.B., Member FDIC, Equal Housing Lender, NMLS #408905, All Rights Reserved.