<prompt> Human: Wife and I are moving to buy the house we currently rent. Its looking like our mortgage will be about 200 dollars more than our rent and you obviously lose all the benefits of renting.Our current rental agreement is very nice. We are pretty much able to do anything we want with the house and pretty much never see the landlord.Our credit score is 630, I suggested to the wife that we wait a year or 2 to buy this place as our scores should hopefully be around 700 at this point. Wife shot this down quickly.One positive is we are getting the house slightly below market value and will be building equity.Just wondering everyones thoughts?  <response>: People overestimate the benefit of building equity. Unless you are paying extra in which case you already had liquid equity that you are turning into home equity you will be paying mostly interest for the first half of the life of the loan. Your mortgage payment includes taxes and insurance as well, which do not build equity. If you are saving 200month by renting, continuing to rent while saving that money will increase your net worth a lot more than the home equity youd be missing out on. 