Renting or Buying… Either Way You’re Paying a Mortgage

By
Real Estate Agent with RE/MAX Crossroads in Cuyahoga Falls and Stow, Ohio

renting or buying

There are some people who have not purchased homes 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 Entrepreneur Magazine, a premier source for small business, explained this month in their article, “12 Practical Steps to Getting Rich”:

While renting on a temporary basis isn't terrible, you should most certainly own the roof over your head if you're serious about your finances. It won't make you rich overnight, but by renting, you're paying someone else's mortgage. In effect, you're making someone else rich.”

Christina Boyle, Senior Vice President and head of the Single-Family Sales & Relationship Management organization 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 build 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 at 4.23% 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.  If that's the case with you give me a call at 330-352-9513 or email me at tony@tonymorganti.com and let's get started.

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Tony Morganti, CRS, ABR

330-352-9513

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Topic:
Home Buying
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Ohio Summit County Cuyahoga Falls
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Tags:
say goodbye to your landlord
time to pay your own mortgage
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call tony morganti for help buying your home

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Rainmaker
700,366
Richard Bazinet /MBA, CRS, ABR
West USA Realty - Scottsdale, AZ
Phoenix Scottsdale. Sellers, Buyers & Relocations

It's a good way of putting it Tony. Pay someone else's or pay your own.

Mar 28, 2017 06:10 AM #1
Rainmaker
148,770
Eva B. Liland with Century 21 Doug Anderson
Century 21 Doug Anderson - Lancaster, CA
Glad to be of Service

Personally, except for a short time when I actually owned a condo, I have always been a renter. The areas I've have choosen to live in, were high-priced ones where the quality of the neighborhood was better than most. Now, I have probably paid off 2-3 mortgages for someone else.

Rents always go up not to talk about being forced to move over and over again, when properties I rented was being sold. I finally made the best choice for myself in December last year. I ended up buying a mobile home for cash and my rent was cut down to a third. Needless to say, I am very happy being a home owner even though it is just a mobile home. That is Socal in a nutshell, lol.

Mar 28, 2017 06:19 AM #2
Rainmaker
264,569
Tony Morganti
RE/MAX Crossroads in Cuyahoga Falls and Stow, Ohio - Cuyahoga Falls, OH
CRS, ABR, SRES - Cuyahoga Falls, Stow

Richard Bazinet /MBA, CRS, ABR - yes simple and to the point.  I hope it registers with many tenants out there.  Thank you for your comment.

Mar 30, 2017 03:09 AM #3
Rainmaker
264,569
Tony Morganti
RE/MAX Crossroads in Cuyahoga Falls and Stow, Ohio - Cuyahoga Falls, OH
CRS, ABR, SRES - Cuyahoga Falls, Stow

Eva B. Liland with Century 21 Doug Anderson  yes always a better idea to build equity for yourself.  Congratulations on your home purchase.

Mar 30, 2017 03:09 AM #4
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Rainmaker
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Tony Morganti

CRS, ABR, SRES - Cuyahoga Falls, Stow
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