Whose Mortgage Do You Want To Pay Yours Or Your Landlords

Dated: 02/07/2019

Views: 36


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

Angelos Soukovelos

Angelos first began his career as a marketing director for The Prado Agency in Phoenix, Arizona. While at university he attained a degree in psychology. Upon graduation, he immediately obtained his re....

Latest Blog Posts

One More Time You Do Not Need 20 Down To Buy A Home

One More Time… You Do Not Need 20% Down to Buy a HomeThe largest obstacle renters face when planning to buy a home is saving for a down payment. This challenge is amplified by rising rents, which

Read More

Whose Mortgage Do You Want To Pay Yours Or Your Landlords

Whose Mortgage Do You Want to Pay? Yours or Your Landlord’s?There are some people who haven’t purchased homes because they are uncomfortable taking on the obligation of a mortgage. However,

Read More

The KonMari Method Helping You Prep Your House For Sale

The KonMari Method: Helping You Prep Your House For SaleOne of the biggest challenges sellers face when listing their house is decluttering. Cleaning out some of the more personal decorating choices

Read More

How To Get A Better Perspective On Affordability

How to Get a Better Perspective on Affordability Headlines spotlight the fact that buying a home is less affordable today than it was at any other time in more than a decade. Those headlines are

Read More