There are some people who have not purchased homes yet because they are uncomfortable taking on the obligation of a mortgage. Everyone should realize 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, explainedin 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 Presidentand head of theSingle-Family Sales & Relationship Managementorganization at Freddie Mac, explains another benefit of securing a mortgage vs. 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 with 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’slatest report shows that rates across the country were at 3.94% last week.
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.
Author:Mark Claster Phone: 214-202-1625 Dated: October 30th 2017 Views: 102 About Mark: ...
Trust eXp Realty and our team of real estate agents to help you find homes for sale or to sell your current home. We recognize the level of service that the mobile consumer demands. You have information. You have dreams. We possess experience, integrity, and innovation. Together we create leverage to make your dreams a reality.
How to Avoid the Top 8 Home Inspection MistakesIt’s easy to get swep
"Tom is a wonderful agent. The first time we used him we were relocating to the area and had no time to fly in to house hunt. His response to our inquiries was very timely, professional and courteous. He went to great lengths to line up houses and then we would walk through the homes with him via Skype. He always went the extra mile. A great pleasure to work with.
Tom was an absolute delight to work with. Both personal and professional he helped me sell a property that had been listed several times with no success. I would definitely recommend his service."