Renting-who's mortgage would you rather pay

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

🏠Think you cannot afford a home

I think you would be surprised how low the average down payment can be on a home. Did you know there are programs here in Columbus that will allow you to buy a home with as little as 1% down? There are even loans for homes in the suburbs of Columbus you can buy with no money down

Call or text us to set up your Free Consultation today and stop paying a mortgage for your landlord. I was even able to have someone else pay to put my kids' through college. All because someone else rented a property I owned.    

🏠Why some people have not purchased a home

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.”

💰House Buying Power

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.

Also, home owners are able to build their equity to 49% greater than a renter! 

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.