Whose Mortgage Do You Want To Pay Yours Or Your Landlords

Dated: February 9 2019

Views: 169

Whose Mortgage Do You Want to Pay? Yours or Your Landlord’s? | MyKCM

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.

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.”

With home prices rising, many renters are concerned about their house-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 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’s latest report shows that rates across the country were at 4.46% 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.

Blog author image

Joanne Mills

Joanne Mills is the Broker Owner of Exit Family Realty in Lindenhurst, NY. Joanne’s has created of brokerage of highly motivated, professional associates making a powerful, positive impact on client....

Latest Blog Posts

Rental In Long Beach NY 11561

https://maria.exitfamilyrealtyny.com/property/129-3278714-627-W-Park-Avenue-Long-Beach-NY

Read More

Alto Precios En Ventas

Por qué ahora puede ser el momento para vender su casa  14 14UTC enero 14UTC 2021  Para los compradores, Para los vendedores, 

Read More

Value 2021

What Does 2021 Have in Store for Home Values? According to the latest CoreLogic Home Price Insights Report, nationwide home values increased by 8%

Read More

Valor De Propiedad En 2021

¿Qué tiene 2021 reservado para el valor de las casas?  11 11UTC enero 11UTC 2021  Para los compradores, Para los vendedores, Tasas

Read More
Fair Housing Icon NY Fair Housing Notice