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2018-02-05 19:40:12
Whether You Rent or Buy, Either Way You’re Paying a Mortgage!

 

Whether You Rent or Buy, Either Way You

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.

 
Blog Archive
2018-02-17 19:08:22
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2018-02-15 11:55:09
Calm Down! The Real Estate Market is NOT Falling Apart

2018-02-14 12:11:44
Low Inventory Pushes Home Prices Higher

2018-02-13 12:38:25
The #1 Reason to Sell Now Before Spring

2018-02-07 20:08:39
Where Are Mortgage Interest Rates Headed in 2018?

2018-02-05 19:40:12
Whether You Rent or Buy, Either Way You’re Paying a Mortgage!

2018-02-03 16:54:46
February 2018 Events for San Diego, CA

2018-02-02 11:14:42
U.S. Housing Inventory Crunch Continues… List Your House Today!

2018-02-01 10:00:52
Bidding Wars Abound… How Long Will They Continue?

2018-01-25 11:04:22
If You’re Considering Selling, ACT NOW!!

2018-01-24 12:45:58
Why You Need a Professional on Your Team When Buying a Home

2018-01-18 15:07:16
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61% of First-Time Buyers Put Down Less than 6%

2018-01-11 17:35:43
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2018-01-10 14:35:50
FICO® Scores on Approved Home Loans Again

2018-01-08 12:09:10
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2017-12-28 10:40:49
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2017-12-27 11:09:51
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2017-12-26 14:55:03
January 2018 Events for San Diego, CA

2017-12-26 13:08:51
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2017-12-07 14:09:51
Coming Soon to Horizons Downtown one bed corner unit with City Views

2017-11-26 14:07:59
December 2017 Events for San Diego, CA

2017-11-11 14:09:15
Coming Soon to The Mark Downtown San Diego

2017-10-30 11:12:15
Renting or Buying…Either Way, You're Paying Someone's Mortgage

2017-10-27 12:16:54
San Diego Weekend Rates!

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