Stop renting — It's time to buy!
There’s a lot of talk about the rise of mortgage rates nationwide, but renters are also experiencing lighter pockets these days.
“Over time, the average person is earning income that is right along with the increase of rent making it very difficult for renters to ever save money for the down payment of a home,” Aksarben Mortgage Lead Mortgage Advisor John Major said.
“In some markets, rent has increased around 40%, creating fear and insecurity around managing a monthly housing budget where most renters just feel stuck. Whereas those who chose homeownership have actually been in a much better financial situation. As for those who financed with a fixed interest rate, they can feel peace at knowing how to budget around a housing payment that won’t increase every month (pending homeowner’s insurance / property taxes).”
There is much to be gained from buying a home as opposed to renting, Major noted.
For one, rising prices lead to increased equity. Increasing your home equity can add to your net worth and give you a low-cost source of cash. Homeownership means fixed housing costs, and more importantly, gives you opportunities renting does not. Among those benefits are stability, the ability to personalize your home and the chance to build a stronger credit rating and improve your credit score.
“If you are tired of receiving those ‘Notice of Rent’ letters and want to find a way into homeownership, then let us know,” Major said. “Aksarben Mortgage can help you find your path to homeownership.”
* Specific loan program availability and requirements may vary. Please get in touch with the mortgage advisor for more information.