Whether You Rent Or Buy Either Way Youre Paying A Mortgage

Dated: 02/14/2018

Views: 18

Image title

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.


Read this & other articles

Latest Blog Posts

A Tale Of Two Markets

Some Highlights:A trend that has been emerging for some time now is the contrast between inventory & demand in the Premium & Luxury Markets vs. the Starter & Trade-Up Home Markets and what that’s,

Read More

West Bloomfield Twp Real Estate Find Your Perfect Home For Sale

West Bloomfield Twp - Town vs. County StatsAvg Price in West Bloomfield Twp: $603,300/Co. Avg $542,40056%Avg Taxes in West Bloomfield Twp: $7,200/Co.. Avg $5,00072%Avg Sq. Ft. in West

Read More

HOMES IN WEST BLOOMFIELD

http://kendrapack.mi.exprealty.com/property/83-218023934-6625-Fireside-Court-West-Bloomfield-Twp-MI

Read More

The COST Of Your Next Home Will Be LESS Than Your Parents Home Was

There is no doubt that the price of a home in most regions of the country is greater now than at any time in history. However, when we look at the cost of a home, it is cheaper to own today than it

Read More