Buying A Home Or Renting, You’re Paying Someones Mortgage
Buying A Home Or Renting, You’re Paying Someones Mortgage. Why not pay your mortgage?
There’re some people who have not purchased homes yet because they’re uncomfortable taking on the obligation of a mortgage. Everyone should realize, unless you are living rent-free, you’re 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 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.”
Buying A Home Or Renting, You’re Paying Someones Mortgage
As an owner, your mortgage payment is a form of ‘forced savings’. This allows you to build equity in your home. You can tap into this equity later in life if you choose. 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’s latest report shows that rates across the country were at 3.94% 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.
Now You Can Short Sale Your Home and Buy Another Home…At The Same Time
Breaking News*********If you are a Real Estate Agent: Kim and I will be talking about this program this week on our coaching calls with Harris Real Estate University Sign up and Log in to the Thursday Call 10:00AM PST To our clients...you'll be receiving an email...
Loan Mod Experts…Whatever you do…Don't Piss Off Your Client…Or Else!
This story only gets better... It appears that ywo Loan Modification Scam victims took their anger out on the perpertraitors...now they are facing Life in Prison! It appears that these two Sothern California homeowners who had hired "Loan Mod Experts" felt that since...
Third Quarter Results in Emergance of New Cities in Foreclosure Troubles
Today's article in The Truth About Mortgage.com it was reported that new, previously unaffected metro cities around the US are being bitten by the Foreclosure bug: Chico, CA 98% increase over last year Reno-Sparks, NV up 80% Prescott, AZ up 77% Jacksonville, FL &...
New Home Buyer Credit Extended…Senators Agree
This is great news and it's with bi-partisan agreement. It appears that the first time home buyer credit will be extended...but no specifics. Talks have it so that the plan may be: in place through the end of 2010. May be a "step-down" plan that will reduce the...
No Obama! Don't Sign That Treaty
On October 14, Lord Christopher Monckton, a noted climate change skeptic, gave a presentation in St. Paul, MN. In this 4-minute excerpt from his speech, he issues a dire warning to all Americans regarding the United Nations Climate Change Treaty, scheduled to be...
Wells Fargo Customers Win 1 Year of Free Mortgage Payments
If you're a current Wells Fargo Mortgage customer you can win up to $60,000 in mortgage payments for 1 year. All you have to do is: if you sign up for Wells Fargo Online and simply click through to your mortgage account if you sign on and view your mortgage account...
Bank of America and Citi on the Brink of Failing?
On the heals of Citi's announcement of $1Billion + losses this quarter...Bank Of America announces $2.24 Billion in losses. I think we all know the truth...these banks are insolvent. CEO's just can't admit it when they have failed. It would be a punishing blow to the...
Foreclosure Activity Sets New Record in Third Quarter
According to a recent report release by RealtyTrac, in the last quarter (July, August, September 2009) the US has experienced the highest foreclosure activity since RealtyTrac began reporting on the foreclosure market. Activity rose 5% over last quarter or 937,840...
Making Homes Affordable Short Sale Program …Harris Real Estate University
Tim Harris is always on top Short Sale Breaking News How does the proposed MHA Short Sale and Deed In Lieu program guidelines effect my Short Sale business? Recently, on another blog there was an article published that was misleading and (frankly) a little deceptive...
Bank of America/Countrywide Streamlining Their Short Sale Process
Say it ain't so... Bank of America/Countrywide are coordinating with an outside company REOTRANS to manage and streamline the Short Sale process. After months and months of crys and moans over the BofA short sale...we're getting news that there has been a grouping of...
California Associaiton of Realtors (CAR) is a Liar! There…I Said It!
"California's rollercoaster ride to end?" Let me preface...This is the title to the article just released by INMAN News...I'm not bashing Inman...it's just reporting a story. ******************** I am not a member of CAR for this very reason. CAR has been touting this...
California 21 Day Turn Around For Short Sales…Unfortunately NO
After a lengthy conversation with Senator Calderon's Representative's, California Senate Bill 306 was explained to be of use for Escrow and Escrow Officers to be able to have direct access to lenders to obtain timely Short Sale Pay Offs. Unfortunately, it is a...
Banks Promoting Short Sales As Alternative To Foreclosure
Finally, we are hearing the lenders/banks tell their clients there are alternatives to foreclosure! At a recent conference for real estate agents handling foreclosures the buzz word was Short Sales..... According to high ranking officials at Fanni Mae, Freddi Mac and...
Loan Modification Scam…California State Bar Releases Names of Attorneys Under Investigation
Wish I could say I'm Shocked....! Imagine that, more people preying on homeowners desperation to keep a roof over their families head. This time it's attorney's that are taking all they can from these unfortunate people. Hot off the press: The state bar of...
New Housing Crash Will Send Shadow Inventory Above 7 Million…Analysts Say
In a recent article in the Wall Street Journal, Analysts from Amherst Securities projected a come back of over 7 million new foreclosures. Which is 5.5 x's the amount as in 2005. The causes range from failed Loan Modifications, Legal wrangling, re-defaults of loan...
Governor Signs Important Legislation California SB 306
The California Senate passed SB306 today... After a lengthy conversation with Senator Calderon the bill was explained to be of use for Escrow and Escrow Officers to be able to have direct access to lenders to obtain Short Sale Pay Offs. Unfortunately, it is a...
Short Sales According To Countrywide…Really?
Countrywide can spell "NIGHTMARE" for a listing agent working a Short Sale with them. It's also a lesson in Patents for the Seller of the property. Yesterday while going through the dozen or so short sale files I have with them one thing was consistent with every...
Free Community Short Sale Workshops…
If you or someone you know could benefit from learning about a Short Sale this Free Community Workshop will be certain to help. Many people are looking for alternatives to foreclosure now that loan modifications are not an option. Or you may be in a negative equity...