Whose Mortgage Do You Want To Pay Yours Or Your Landlords

Dated: 02/06/2019

Views: 51


Whose Mortgage Do You Want to Pay? Yours or Your Landlord’s?

Whose Mortgage Do You Want to Pay? Yours or Your Landlord’s? | MyKCM

There are some people who haven’t purchased homes because they are uncomfortable taking on the obligation of a mortgage. However, 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.”

With home prices rising, many renters are concerned about their house-buying power. Mike Fratantoni, Chief Economist at MBA, explained:

“The spring homebuying season is almost upon us, and if rates stay lower, inventory continues to grow, and the job market maintains its strength, we do expect to see a solid spring market.”

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 building that equity.

As mentioned before, 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 4.46% 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.

Blog author image

Sam Barnes

We've been helping buyers and sellers make their dreams come true since 2003. Over the years we have been a part of over 1,000 sales, many of them being repeat deals with clients and referrals from cl....

Latest Blog Posts

Tax Advantage

Since today is 'tax day'  it just makes me appreciate the tax benefits received from owning my own home. Being able to deduct the mortgage interest is still one of the biggest benefits.

Read More

The Great Main Sewer Line Debacle

Our family came home to sewage in our basement on Thursday evening. We started calling all kinds of agencies to help us and everyone gave us a 24-48 hour window when they could be out. I don't think

Read More

Top 7 Tips For Hiring A Contractor

Regardless of whether your project is a simple bathroom remodel or a complete house renovation, the success or failure of the project will depend on the contractor you hire. Choosing the right

Read More

Top Reasons You Need Your Own Agent When Buying New Construction

Have you ever walked into the model home showroom of a brand new housing development? There is nothing more exciting than the prospect of building a home from scratch and starting absolutely fresh

Read More