Fact: if you’re renting, you’re still paying the mortgage. Just not yours. And your landlord loves you for it. Because it’s also a fact the best way to create long-term wealth is to own real estate. It’s time to say good-bye to your landlord and start building your savings.
Historically, the choice between renting or buying a home has been a tough decision. But today home buyers now can take advantage of exceptionally low interest rates and low down payments programs.
Often times, a person’s mortgage payment is substantially less than a monthly rental payment. Looking at the percentage of income needed to rent a median-priced home today (27.7%) vs. the percentage needed to buy a median-priced home (17.5%), the choice becomes obvious. Why rent when you can own?
Before you renew your lease again, find out if you can put your housing costs to work by buying this year! Give me a call and I can put you in touch with an experienced lender who can run the numbers for your specific situation. Most likely you’ll be pleasantly surprised. I can be easily reached at 703-963-0142 or 301-320-8349.