Whether You Rent or Buy, Either Way You’re Paying A Mortgage!
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 a home 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.
Whether you are looking for a primary residence for the first time or are considering a vacation home in the mountains, now is a good time to buy.
If you have any questions about the home buying process, new home buyer loans, or where interest rates are heading, just call/text me at 602-295-6807 and I can help answer all of your questions!
"Real Estate is not just a job for me, it's about making a difference in the lives of others"
Troy Erickson Realtor
Call/Text: 602-295-6807
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Troy Erickson has been blogging about Arizona real estate since 2006. He is a residential real estate agent who specializes in helping home buyers, sellers, and investors in Chandler and the East Valley. He has been recognized for his local market expertise, and frequently volunteers within his community.