“Renting for 30 Years, Time to Buy?”

By
Mortgage and Lending with Mortgage Consultant, Right Trac Financial Group, Inc. NMLS # 2709 NMLS # 6869

“Renting for 30 Years, Time to Buy?”

 

Mr. Petrowsky,

A couple of years ago you did a mortgage for our daughter and son-in-law and ever since then, they have been on us about buying a home instead of renting. My husband and I have rented for nearly 30 years, so I don’t see how buying a home at this time would be good for us. We have this belief that owning a home has passed us by, but I promised our daughter that I would reach out to you. Are we crazy to think about purchasing a home at this point in our lives. I am 55 and my husband is 58 and we are currently paying $2200 per month for rent. We have been in our current home for 16 years. Our landlord has mentioned a few times that we should purchase the home, what do you think?

 

Unfortunately, these folks paid of the landlords’ mortgage. These folks are not alone, many believe they will never own. I keep hearing, my credit isn’t very good, I don’t have 20% down, the mortgage payment is going to be a lot higher than what I’m paying for rent and lots of other reason.

 

If credit is an issue, it is fixable. When it comes to down payment, 20% down is NOT a requirement, VA requires NO down Payment, USDA requires NO down payment, FHA requires 3.5% down and conventional—as little as 3% down. When it comes to mortgage payment, so often they payment is less than rents, especially these days.

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Joe Petrowsky, NMLS #6869

Right Trac Financial Group, Inc. NMLS #2709

110 Main St.

Manchester, Ct. 06042

Office: 860 647-7701 x116

Fax: 860 647-8940

Cell: 860 836-9294

Email: joe@righttracfg.com

www.righttracfg.com

www.joepetrowsky.com

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Joe Petrowsky does not guarantee nor is in any way responsible for the accuracy of the information provided herein, and provides said information without warranties of any kind, either expressed or implied.

Equal Housing Statement: We are pledged to the letter and spirit of U.S. policy for the achievement of equal housing opportunity throughout the Nation. We encourage and support an affirmative advertising and marketing program in which there are no barriers to obtaining housing becuase of race, color, religion, sex, handicap, familial status, or national origin.

Comments (4)

Michael Jacobs
Pasadena, CA
Los Angeles Pasadena 818.516.4393

Hello Joe - there's definitely an opportunity for a well-qualified, ready-to-buy "lifelong" renter to become a property owner.  

Oct 08, 2021 04:05 AM
Wayne Martin
Wayne M Martin - Chicago, IL
Real Estate Broker - Retired

Good morning Joe. Knowledge is power. The power to own is only a phone call away. Call Joe and find out where there is a will, there is a way. Enjoy your day.

Oct 08, 2021 05:37 AM
Sham Reddy CRS
H E R Realty, Dayton, OH - Dayton, OH
CRS

I go thru this all the time with renters. They seem to have a mental block about thousand reason why they can buy a house. They get my attention when I tell them that they are choosing to pay their landlord's mortage as opposed their own.

Oct 08, 2021 05:42 AM
Nina Hollander, Broker
Coldwell Banker Realty - Charlotte, NC
Your Greater Charlotte Realtor

Hi Joe... some years ago, I sold a home to a 66 year-old lady... it was her first home purchase ever. She'd always rented, but after her rent was raised $500/month, her mortgage payment ended up being $700 a month less than her rent.

Oct 08, 2021 07:27 AM