Renting or Buying…Either Way, You’re Paying Someone’s Mortgage

There are some people who have not purchased homes yet 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 3.94% 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.

Powered by WPeMatico

Quick Search

$
$

Need a Free Home Analysis ?

Our Reviews!

Reviews on Zillow
2438020
"Wendy and Brian are one of the most professional and hard working realtors I have ever dealt with. They were always communicating with me in a ... more "
5.0/5.0
by tbonfiglio
2260359
"A must hire!!! Wendy and Brian were an absolutely outstanding real estate team. Their knowledge of the market and professionalism made them the ... more "
5.0/5.0
by ericaswift4
2245254
"Last week, my husband and I successfully sold our lovely little bay-windowed condo overlooking Rock Creek Park in Georgetown, Washington DC. We can’t ... more "
5.0/5.0
by sandyext

About Cherry Blossom Properties

Cherry Blossom Properties

We are ethical, educated, experienced full-service real estate agents, affiliated with award-winning customer service brokerage RE/MAX Gateway, serving communities in DC, MD and VA.  We represent buyers, sellers, investors (including "flippers"), landlords, and tenants.  We have experience in home renovations.  With a background in law and mediation, we are high-level negotiators and strategists in real estate transactions.  We know our markets and get the best results for our clients.  Integrity, knowledge, and exemplary customer service are the keys to our business success.

 

RE/MAX Gateway

tel:703-955-7050
3000 N. 10th Street
Suite D
Arlington, VA 22201

Testimonials

Online Reviews

zillow-5star-125ad

Reviews on Zillow
2438020
"Wendy and Brian are one of the most professional and hard working realtors I have ever dealt with. They were always communicating with me in a ... more "
5.0/5.0
by tbonfiglio
2260359
"A must hire!!! Wendy and Brian were an absolutely outstanding real estate team. Their knowledge of the market and professionalism made them the ... more "
5.0/5.0
by ericaswift4
2245254
"Last week, my husband and I successfully sold our lovely little bay-windowed condo overlooking Rock Creek Park in Georgetown, Washington DC. We can’t ... more "
5.0/5.0
by sandyext