Whether You Rent Or Buy Either Way You Are Paying A Mortgage

Dated: 03/29/2018

Views: 81

Whether You Rent or Buy, Either Way You're Paying a Mortgage! | MyKCM


There are some people who have not purchased homes because they are uncomfortable taking on the obligation of a mortgage. Everyone should realize, however, 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, 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 Management organization at Freddie Mac,explains another benefit of securing a mortgage as opposed to 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 building 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 4.22% 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.





Jasmine Broderick - REALTOR®

eXp Realty, LLC - Arizona

602-300-2774

[email protected]

AskJazz.net

Blog author image

Jasmine Broderick

My clients appreciate that I am honest and trustworthy. I promise to always be straightforward with my clients throughout the entire process. What makes me different from other agents is I actually ha....

Latest Blog Posts

Receive a Free Appraisal & Free Home Inspection in 2018'

Exciting News! Free Appraisal & Free Home Inspection in 2018'Purchase your New Home before the close of 2018' using me and my prefered Team and you'll Receive a Free Appraisal & Free

Read More

Ocotillo Golf Corse Open House Sat 10:30-4:30pm

Ocotillo Open House on Saturday October 20th, 10:30am-4:30pm Mark Your Calendars! TOMORROW!  OPEN HOUSE Saturday form 10:30 am - 4:30 pm! Ocotillo Golf Course Beauty! An Absolute Must

Read More

Everything You Need To Know As A First Time Home Buyer

Everything You Need To Know As a First Time BuyerFirst of all, be excited!!! Buying your first property is one of the most nerve wrecking and stressful things you will experience but it is so

Read More

How to Survive a Kitchen Remodel

How to Survive a Kitchen RemodelWashing mugs in the tub and getting hooked on Pop-Tarts — here’s what to expect if you stay at home during constructionSo you’ve decided to remodel

Read More