RENTING OR BUYING... EITHER WAY YOU'RE PAYING A MORTGAGE
Can you believe there are still people in Nashville who have not purchased homes yet? They have not purchased a home because they are uncomfortable taking on the responsibility of a mortgage. The reality is, unless you're living in your parents basement, you ARE paying a mortgage - either yours or the landlord’s.
“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 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.”
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 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 Marc's latest report shows that rates across the country were at 4.23% last week.
In addition, you may be surprised at how many programs are available that require no down payment! It is clear that purchasing is the smarter move over wasting money on renting.
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.
Contact us today to learn the details of buying a home and the many incredible financing options available.