Whose Mortgage Are You Paying?
Many people who haven't yet purchased a home express their fears about taking on the responsibilities of a mortgage. If you are living anywhere other than with with family, rent-free, you are paying someone's mortgage. This mortgage is either yours or your landlord's.
While renting is a temporary solution, if you are serious about your finances and your wealth, you should own the home you live in. Buying a home will not make you rich over night, but when you are paying someone else's mortgage you are making them richer.
With home prices on the rise, renters are concerned about their ability to buy. The good news is we can expect to see a solid spring market. The spring season is approaching, and if rates stay low, inventory grows, and the job market remains solid, renters will be in a great place to buy.
As a homeowner, your mortgage payment can be seen as a form of forced savings. These payments build equity in your home that you are able to tap into later. As a renter, you are building your landlord's equity.
Right now is one of the best times to buy your dream home. Interest rates are still at historic lows, secure a mortgage now. One of our PorchLight agents can talk you through your fears and find you the right home for you!