Yours or Your Landlord’s?
Some people still haven’t purchased a home because they are uncomfortable taking on the obligation of a mortgage. However, realize that unless you are living with your parents rent-free, you are paying a mortgage – either yours or your landlord’s.
Entrepreneur Magazine, a premier source for small business, explained the following 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.”
With home prices rising, many renters are concerned about their home-buying power. Mike Fratantoni, Chief Economist at MBA, explained:
“The spring homebuying season is almost upon us, and if rates stay lower, inventory continues to grow, and the job market maintains its strength, we do expect to see a solid spring market.”
As a homeowner, your mortgage payment is a form of forced savings which allows you to build equity in your home, equity you can later tap into. As a renter, you merely assist your landlord in building that equity.
While interest rates are still at historic lows, now is 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 4.46% in mid February.
Whether you are looking for a primary residence for the first time, or considering a vacation home at the beach, now may just be the time for YOU to buy.
Contact me TODAY to get started on YOUR road to homeownership!! Call or Text me at (302) 598-6896.