Renting or Buying… Either Way You’re Paying a Mortgage

There are some people who have not purchased homes 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.

Ready to buy? Call me and let’s see if the numbers add up

As Entrepreneur Magazine, a premier source for small business, explained this month 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.”

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 4.23% last week.

Bottom Line: Whether you are looking for a primary residence for the first time or are considering a vacation home on a golf course, now may be the time to buy. 

Want to buy a home in Arizona’s east valley area?  Tom Smith is a full-time real estate professional at RE/MAX Infinity and has helped people buy and sell homes in Chandler, Gilbert and the Phoenix area for more than 16 years.

TOM SMITH | Common Name, Uncommon Results | RE/MAX Infinity | Call or Text 480-818-1384 | Email Tom@TomSellsAZ.com | Search TomSellsAZ.com | Follow on Facebook, Twitter, Instagram

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