If you’re renting, you don’t have any long-term responsibility for the place you live in. When something breaks or stops working, you’re usually not the one paying for it. But here’s the thing: When you’re paying rent, you’re basically helping somebody else pay their mortgage. Eventually, you’ll move out with nothing to show for it but your memories—while the person who owns the place will have used your rent payments to build up their equity. Instead of supporting somebody else’s investment, why not make your own? 

If you understand your budget and purchase something you can afford, your mortgage payment could be similar to what you pay for rent each month now. So as you pay down the loan and build equity as a homeowner, you’ll have the flexibility to borrow more easily for other needs in the future or even get money back when you decide to sell.

Use our free rent vs. buy calculator above to estimate the total costs of each option. Knowing how the prices compare over time can help you decide whether buying a house vs. renting an apartment is the best choice for you!

Getting pre-approved for a home loan lets you know how much you can borrow based on your income and existing debt. It also lets sellers know you’re a serious buyer who can comfortably make an offer without rushing to secure financing. Ready to get pre-approved?

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Down payments on fixed-rate home loans usually range from 3% to 20% of the home’s purchase price. Dupaco also offers 100% financing options on adjustable-rate mortgages for eligible buyers.

But if your down payment is less than 20%, you’ll have to pay private mortgage insurance. PMI is an extra monthly expense that doesn’t go toward your mortgage. Instead, PMI protects the lender if you default on your loan. Learn how to avoid PMI here.

Each situation is unique. But eligible buyers need a credit score of at least 620 for a Dupaco fixed-rate home loan. Your credit score is just one piece of the puzzle. Lenders will also review your salary, savings, other debts and more to determine eligibility. Have student loan debt? Here's what you'll want to consider as you explore buying a home.

The homebuying process usually takes about 30 days.

A typical monthly mortgage payment could include:

• Principal
• Interest
• Homeowner’s insurance
• Property taxes
• Private Mortgage Insurance (if your down payment is less than 20%)

A construction loan helps you borrow funds to build a new home, while a traditional mortgage allows you to borrow funds to purchase an existing home. With a mortgage, the entire loan amount is paid in one lump sum to help you purchase the home. But with a construction loan, funds are paid out to you in “draws,” or phases, as the project progresses. Each loan comes with its own repayment term and interest rate.

Interest rates on conventional mortgages and construction loans fluctuate. But in general, interest rates on construction loans tend to be higher than traditional mortgages.

When you use a construction loan at Dupaco, you’ll also take out a special insurance policy, known as a builder’s risk insurance policy, while the building is constructed. Once your house is complete, your insurance agent can roll the policy into a regular homeowner’s insurance policy.

If you're applying for a mortgage to build a home, here's how to get started:

• Select “Purchase” if you're buying the land to build on.
• Select “Refinance” if you already own the land where you plan to build.

When you refinance your home loan, you’re essentially swapping your current home loan with a new one. You take many of the same steps that you did when you applied for your original loan—except this time, you don’t have to move! Learn how to determine if it’s worth refinancing here.

Yes! Dupaco offers a No-Cost loan option for loans over $100k. Additionally, there are several ways to structure costs related to a loan to help if you don’t have the funds to cover closing costs.

If you’re trying to consolidate debt or pay for a larger expense, you might be able to borrow from the equity you’ve built up in your home. (Equity is the part of the house that belongs to you, not your lender.)

With a cash-out refinance, you replace your existing home loan with a larger one, and you receive the difference in cash. You get the money in a lump sum, and you can use it toward whatever your goal is—debt consolidation, a home remodel, you name it.

It’s an alternative to a home equity line of credit or a home equity loan. (Learn how these work here.)

The interest rate is the rate of interest charged on a home loan and can be fixed or variable, depending on which loan you choose. The APR is a measure of the cost to you for borrowing money. The APR includes your interest rate, points, fees and other charges associated with your loan—that’s why it’s usually higher than your interest rate.

Apply to refinance your home using our simple online application here. Once you submit it, we’ll set things in motion. Then we’ll be in touch soon about your application’s status and progress.