Whether You Rent or Buy, Either Way You’re Paying a Mortgage!
There are some people who have not purchased homes because they are uncomfortable taking on the obligation of a mortgage. Everyone should realize, however, that unless you are living with your parents rent-free, you are paying a mortgage – either yours or your landlord’s.
As Entrepreneur Magazine, a premier source for small business, explained in their article, “12 Practical Steps to Getting Rich”:
“While renting on a temporary basis isn’t terrible, you should most certainly own the roof over your head if you’re serious about your finances. It won’t make you rich overnight, but by renting, you’re paying someone else’s mortgage. In effect, you’re making someone else rich.”
Christina Boyle, Senior Vice President and head of the Single-Family Sales & Relationship Management organization at Freddie Mac, explains another benefit of securing a mortgage as opposed to paying rent:
“With a 30-year fixed rate mortgage, you’ll have the certainty & stability of knowing what your mortgage payment will be for the next 30 years – unlike rents which will continue to rise over the next three decades.”
As an owner, your mortgage payment is a form of ‘forced savings’ which allows you to build equity in your home that you can tap into later in life. As a renter, you guarantee the landlord is the person building that equity.
Interest rates are still at historic lows, making it one of the best times to secure a mortgage and make a move into your dream home. Freddie Mac’s latest report shows that rates across the country were at 4.22% last week.
Bottom Line
Whether you are looking for a primary residence for the first time or are considering a vacation home on the shore, now may be the time to buy.
To view original article, visit Keeping Current Matters.
Your Equity Could Make a Move Possible
Today’s mortgage rates are higher than the one they currently have on their home, and that’s making it harder to want to sell and make a move. Equity can help you make your move.
More Than a House: The Emotional Benefits of Homeownership
Here’s a look at just a few of those more emotional or lifestyle perks, to help anchor you to why homeownership is one of your goals.
The Biggest Mistakes Buyers Are Making Today
There’s one way to avoid getting tripped up – and that’s leaning on a real estate agent for the best possible advice.
How Do Climate Risks Affect Your Next Home?
How can you be sure your investment is safe from the elements? Work with a local real estate agent!
Questions You May Have About Selling Your House
If you’ve been considering selling your house, and have some questions, call us today for some clarity.
Worried about Home Maintenance Costs? Consider This
If you’re worried about home maintenance, here’s some information you may find interesting.
What’s Next for Home Prices and Mortgage Rates?
If you’re ready, willing, and able to afford a home right now, partner with a trusted real estate advisor to decide what’s right for you.
The Number of Homes for Sale Is Increasing
In today’s homebuying market, it’s more important than ever to find a real estate agent who really knows your local area.
Thinking of Selling? You Want an Agent with These Skills
A great agent will be very good at explaining what’s happening in the housing market in a way that’s easy to understand.
Home Prices Are Climbing in These Top Cities
Persistent demand coupled with limited housing supply are key drivers pushing home values upward.