Notice: We are currently experiencing intermittent connectivity issues.  Online Banking and Mobile Banking are currently unavailable. Thank you for your patience as we work diligently to resolve this issue.
Notice: Campbell Branch is currently closed due to building maintenance. We apologize for the inconvenience and appreciate your understanding.
Find the nearest branch or ATM.
Notice: Our Gilroy branch is currently experiencing intermittent connectivity issues. Thank you for your patience as we work diligently to resolve this issue.
System Maintenance: On Thursday, February 15th, we’ll be performing a scheduled maintenance starting at 10 p.m. PST and ending at 2 a.m. PST on Friday, February 16th. During this time, Phone Banking will not be available. Thank you for your patience as we update our systems to better serve you.
We’re experiencing technical difficulties with our phone system. We apologize for the inconvenience.
Find the nearest branch or ATM.
County Federal will never call, email or text you to ask for information. Questions? Dial us directly at 800-282-6212 - we’re happy to help.
Find the nearest branch or ATM.
All County Federal offices and branches will be closed on May 27th, in observance of Memorial Day.
Find the nearest branch or ATM.
Are you impacted by the severe weather? Contact us today to apply for our Emergency Relief Loan.

Pros and Cons of Renting vs. Buying a New Home

Pros and cons of renting vs. owning a new home

Published: July 23, 2018

Pros and Cons of Renting vs. Buying a New Home

If you're currently grappling with whether it's time to buy a home or continue renting, it can be helpful to review some of the pros and cons of each before making a decision.


Renting a Home

Renting a home, apartment, or other forms of residence comes with very little commitment. Aside from the lease term you agreed upon, there isn't much holding you down.

When you rent, you're not generally responsible for much in the way of maintenance. If the dishwasher in your apartment stops working, for example, your landlord will likely repair or replace it at no cost to you. Talk about convenience and peace of mind!

Of course, when you rent, you're not building any equity. Instead, you're padding your landlord's pockets—and you also have very little freedom to decorate or renovate your rental space.


Becoming a Home Owner

When you buy a home, you're certainly making a much larger commitment than you would if you were renting. You'll need to not only place a substantial down payment on your home but get approved for financing in the form of a mortgage as well. And of course, most mortgage terms range from 15 to 30 years!

Being a homeowner also means you'll be responsible for all your maintenance and upkeep—so that broken dishwasher suddenly becomes your financial burden. On the other hand, you'll also be able to do just about anything else you want to personalize your home inside and out. Nobody (aside from maybe your city's permit office) can tell you what you can and cannot do with your home.

Last but certainly not least, when you own a home, you're building equity with each mortgage payment you make. When your home is paid off, you'll own a huge asset outright—making home ownership a great investment for those who are ready for the commitment.

Feeling ready to become a homeowner? Let Santa Clara County Federal Credit Union help you secure financing for your first home today!

Your savings federally insured to at least $250,000 and backed by the full faith and credit of the United States Government. National Credit Union Administration, a U.S. Government Agency.
Equal Housing Lender
Certified - CDFI - US Department of the Treasury