You Are Paying A Mortgage Whether You Rent Or Buy

You Are Paying A Mortgage Whether You Rent Or Buy

simplifyingthemarket.comThere are some renters that have not yet purchased a home 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 your mortgage or your landlord’s.As The Joint Center for Housing Studies at Harvard University explains:


“Households must consume housing whether they own or rent. Not even accounting for more favorable tax treatment of owning, homeowners pay debt service to pay down their own principal while households that rent pay down the principal of a landlord plus a rate of return.


That’s yet another reason owning often does—as Americans intuit—end up making more financial sense than renting.”Christina Boyle, a Senior Vice President, Head of Single-Family Sales & Relationship Management 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.”


Read more here...


Image courtesy keepingcurrentmatters.com


Lance Whipple PA Headshot
Author:
Phone: 407-494-6030
Dated: April 7th 2016
Views: 430
About Lance: My name is Lance Whipple and I help first-time homebuyers, international investors, “active adults...

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