How Long Does It Take to Buy a House? It's a big question, especially for people who hope to time their home purchase with when their rental lease is up. Or before the start of school. Or when
Renting Or Buying Either Way You Are Paying Someones 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.
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. The Toll Road Living Team at Keller Williams Reston is ready to assist you with this important financial decision.
Call Karen Komo, Realtor, Toll Road Living Team at Keller Williams Reston Call/Text: 703-244-9343
today to get started!!
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With over 14 years of full time experience in real estate, Karen Komo has gained industry recognition and has a solid reputation for professionalism and getting results. She knows that putting people ....