By: Robert A. Hulme - Realtor - Loan Officer -Utah County, Including Provo, Orem, Pleasant Grove, American Fork, Lehi, Highland, Alpine and Cedar Hills, Eagle Mountain, Payson, Saratoga Springs, Spanish Fork, Springville, Mortgage Xpress, Agent
One of the major advantages of owning your own home is the stability of having a stable monthly mortgage payment. In today's ever changing housing market, with the rise in foreclosures, renting a home has been the only option for many families. The supply demand for rental properties has increased the monthly payments for many renters. As a general rule rent will increase quite often even during a stable housing market.
With a fixed rate mortgage, the home owner has the luxury of establishing a stable monthly payment. This along with the tax benefits discussed in a previous blog makes for a much more desirable housing payment scenario.
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