Whether you buy a home or rent, you are paying a mortgage. The strange thing is that the mortgage may not necessarily be your own. Some people may feel hesitant to buy because of the obligation of a mortgage. Either way you live, you are paying a mortgage.
When you own a home, you are paying your own mortgage. With a fixed mortgage, you have the certainty and stability of knowing what your mortgage payment will be. It will never waiver from that amount. Your mortgage payment is a form of “forced savings”. This allows you to build equity in your home that you can benefit from later in life.
When you rent, you are paying your landlords mortgage. You also have the uncertainty of your rent payment. Rent payments will continue to rise over the next 30 years. As a renter, you are guaranteeing your landlord that equity. Renting on a temporary basis, is not a terrible thing. However, it will not benefit you in the finance department.
Interest rates are at historic lows and could be the best time for you to secure a mortgage. Make a move on your dream home today and start building your equity. Call us at The Brunner Burkhart Group to start securing your financial future.