Is Everyone in Lancaster Co. , PA Paying a Mortgage ?

By
Real Estate Agent with KW Elite
https://activerain.com/droplet/4Vs4

Whether You Rent or Buy, You’re Paying a Mortgage

Whether You Rent or Buy, You’re Paying a Mortgage | MyKCM

There are some people that have not 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 yours 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.”

As an owner, your mortgage payment is a form of ‘forced savings’ which allows you to have equity in your home that you can tap into later in life. As a renter, you guarantee the landlord is the person with that equity.

Interest rates are still at historic lows, making it one of the best times to secure a mortgage and make a move into your dream home. Freddie Mac’s latest report shows that rates across the country were 3.43% last week.

Bottom Line

Whether you are looking for a primary residence for the first time or are considering a vacation home on the shore, now may be the time to buy.

Your First Step to enter the Home Buying Process is to obtain Mortgage Pre-Approval  !  Email mikeperrykw@gmail.com  to get started !!!
 
Posted by

 

Michael J. Perry

KELLER WILLIAMS Elite

www.lancaster4sale.com  

 

1280 Plaza Blvd. , Lancaster, PA 17601

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Longtime West Lampeter resident and Lancaster County Realtor!

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Re-Blogged 1 time:

Re-Blogged By Re-Blogged At
  1. Don Hess 08/29/2016 03:30 AM
Topic:
Home Buying
Location:
Pennsylvania Lancaster County Lancaster West Lampeter Township
Groups:
The Economics of Real Estate
1st Time Buyers
ABR-Accredited Buyer Representatives
Keller Williams
Keller Williams Realty Referral Group

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Rainmaker
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Garreth Wilcock
Sherlock Homes Austin - Austin, TX
Homes at Mueller

Great info for people in Lancaster Co.,PA area! Nice post Michael! Keep blogging! All the best!

Aug 28, 2016 09:35 PM #1
Rainmaker
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Georgie Hunter R(S) 58089
Hawai'i Life Real Estate Brokers - Haiku, HI
Maui Real Estate sales and lifestyle info

That is so true!  Why pay somebody else's mortgage when you could be paying your own and have the satisfaction of building up some equity at the same time.

Aug 30, 2016 09:35 AM #2
Rainmaker
1,863,955
Michael J. Perry
KW Elite - Lancaster, PA
Lancaster, PA Relo Specialist

My Dad always said - almost everyone is making a mortgage pmt.. i/2 of them on someone else's property !

Sep 11, 2016 09:52 PM #3
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Rainmaker
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Michael J. Perry

Lancaster, PA Relo Specialist
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