Why Renting May Cost You More Long-Term
Why Now May Be a Great Time to Buy a Home
If you've considered buying a home in the past, now may be an excellent time to take action.
Let me share a quick story that helps put today's market into perspective.
Recently, I was speaking with a client who asked what interest rates were like when I first started in the home loan business. When I told her that I bought a home in the 1980s with an interest rate of 15%, she was shocked.
Today, mortgage rates are roughly around 6%. While that's higher than the 3% rates we saw a few years ago, it's important to keep the bigger picture in mind.
The Power of a Fixed Mortgage Payment
When you purchase a home with a fixed-rate mortgage, your principal and interest payment remains the same for the life of the loan—often 30 years.
Think about that for a moment.
Your housing payment stays stable while the cost of living continues to rise.
Now compare that with renting.
Have you ever seen a rental agreement that guarantees your rent will not increase for the next 30 years? Of course not. Rent tends to rise consistently over time.
So the real question becomes:
Is it more expensive to rent long term, or to own a home and build equity while keeping your payment predictable?
For many people, homeownership provides both stability and long-term financial benefits.
Questions About Buying?
If you're thinking about purchasing a home, I'd be happy to help you understand your options and guide you through the qualification process.
Even if you're just exploring the idea, we can review your situation and determine what steps might help you move toward homeownership.
Feel free to contact me anytime with questions. I'm always happy to help.
Sincerely,
Marty Prince
Mortgage Technology
Office: 714-289-1609
Email: mprince@socal.rr.com
DRE #00887075 | NMLS #246997