Whose Mortgage Do You Want to Pay? Yours or Your Landlord’s?
There are some people who haven’t purchased homes because they are uncomfortable taking on the obligation of a mortgage. However, everyone should realize that unless you are living with your parents rent-free, you are paying a mortgage –either yours or your landlord’s.
AsEntrepreneur 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.”
With home prices rising, many renters are concerned about their house-buying power. Mike Fratantoni,Chief EconomistatMBA,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 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.
As mentioned before, 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’slatestreportshows that rates across the country were at 4.46% 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:Julie Boyadjian - CA DRE #01820721 Phone: 619-250-1129 Dated: February 18th 2019 Views: 792 About Julie: San Diego Top Realtor, Julie Boyadjian has delivered excellence in real estate since 2007, and is ve...
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San Diego Top Realtor, Julie Boyadjian has delivered excellence in real estate since 2007, and is very appreciative of the fact that the greatest percentage of her business is from satisfied repeat clients and those who have been referred by her past customers. Her enthusiasm and high energy are among the many traits that make her a top professional. Julie knows the meaning of hard work, client satisfaction, and time management. Her entrepreneurial skills and work ethic are a beacon to all those who know her. Julie loves San Diego County where she was born and raised. She has real estate knowledge about markets in all areas of the county. It's no surprise that Julie was "Rookie of the Year" when she entered real estate sales, she has continued that exemplary performance for the past ten years. Julie has been voted a Neighborhood Favorite in the San Diego Union Tribune Readers Poll year after year. "This profession offers numerous emotional awards." she states, "That feeling that comes from handing a first-time buyer their keys to a home or helping seller get the maximum return possible on their investment make me very happy that I chose to pursue a career in residential sales."