The beginning of 2020 hit us with an unprecedented pandemic. While some businesses and industries across the globe suffered a severe hit, others continued to flourish. One such advancing
Renting or Buying… Either Way You’re Paying a Mortgage
Dated: March 3 2020
Views: 5
There are some people who have not purchased homes because they are uncomfortable taking on the obligation of a mortgage. 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.”
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 Mac’s latest report shows that rates across the country were at 4.23% 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.
Justin Hemker
Justin Hemker is a Triangle Area Real Estate sales and marketing expert. You will have a hard time finding a Realtor who truly cares for and works harder for his clients, has more passion for his job,....
Latest Blog Posts
An accurate survey is a crucial step in your home-buying process, making sure you don’t encroach on a neighbor’s property — or vice versa. A mistake in the survey can cause legal
If your finances aren’t perfect, that doesn’t mean you can’t buy a home. There are millions of people who struggle with debt, building their savings, or less-than-perfect credit.
One question that pops up constantly from both first-time and seasoned homeowners alike is “When is the best time of year to buy a home?” Potential homeowners want to know the best time
Copyright 2020 Triangle MLS, Inc. of North Carolina. All rights reserved.
The data relating to real estate for sale on this web site comes in part from the Triangle MLS, Inc. of North Carolina. Real estate listings held by brokerage firms other than Fathom Realty - Raleigh/Durham, NC are marked with the Broker Reciprocity logo and detailed information about them includes the name of the listing brokers. The broker providing this data believes it to be correct, but advises interested parties to confirm the data before relying on it in a purchase decision. Some properties which appear for sale on this web site may subsequently have sold and may no longer be available.
This site is monitored for scraping. Any use of listing data obtained from this web site, other than by a consumer looking to purchase real estate, is prohibited.
This data has been updated as of October 21, 2020 6:50 PM UTC
Listings identified with the FMLS IDX logo come from FMLS and are held by brokerage firms other than the owner of this website. The listing brokerage is identified in any listing details. Information is deemed reliable but is not guaranteed. If you believe any FMLS listing contains material that infringes your copyrighted work please 