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.
Consumer Prices Plunge!
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Put the Leaders on Trial for Negligence of These Loan Servicing Companies!
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Is it REALY worth it….Loan Modification.
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Can you say Dirt Bags!….Desperate to keep your home…Beware, you can't trust everyone who tells you they want to help.
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Hope for Homeowners (H4H) implemented on Oct. 1, Guidlines are stiff!
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Heather Shares Her Experience Of Short Selling Her Home
Meet Glenn and Rose our new neighbors….
The Subprime Boom….then Bust. Short Sale Anyone?
I found some great information on a blog post today from the OC Register. The story was focused on the Orange County area, but clearly shows the degree and areas that were hard hit with unsavory loans in the Inland Empire. The loans that shook the financial world...
Can I live in my home while I'm Short Selling it, even though I'm not making the payments?
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California Loan Holders could see some relief with Countrywide
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In Business To Foreclose? Ask Ryan…Option One are you aware of this?
This is for our clients...you have been wonderful to work with! Thanks for letting us share. Like most of our clients, the ***** family were no longer able to make their mortgage payments. Their home had a sale date set in less than two weeks from them contacting us....
Bail Out Plan for Homeowners…Really?
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HOPE for Homeowners-Foreclosure Prevention Act of 2008
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Banks, Servicing Companies, Short Sale or Foreclosure…Some get it…Some DON'T
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Foreclosures drop in California….State bill 1137 working….this month.???
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Bank of America's new Short Sale Criteria sends California Homes to Foreclosure!
Kris and I live in the "Inland Empire"; one of the hardest hit areas of the country. Being Real Estate Agents, our decision to become Short Sale experts was an easy one. Our lives are touched daily with calls from people that are loosing their homes. Using everything...