12/03/2022
Something I wanted to share.
While my mom was in town for Thanksgiving, we were talking about my most recent transaction, and how excited I am for the client I just got to close on her first house and out of renting. My mom, who just over a year ago made her own first home purchase, said "buying is the best thing you can do, and I am so glad I finally did. It was so worth it." We further talked about the pros and cons, and overall, after her life of renting, my mom finally feels like the monthly payments she is making to the roof over her head matter. She can claim ownership. She no longer has to worry about substantial increases in rent to pay someone else's mortgage, interest, and bills (property management salaries, contracts, taxes etc.), moving, or asking permission for certain changes she wants to make within her home. No matter the current market interest rate, she knows what to expect and feels like it was the best thing she could do for herself.
I wanted to share this because I commonly hear the fears of the market and interest rates, yet that is often from those who are willing to pay 100% interest with their monthly rent payments, that won't go towards their future home purchase or other financial decisions. A common saying is "Date the rate, marry the house", meaning an interest rate doesn't have to be set for the life of the loan, can change with refinancing, and won't increase if the market does if you're locked in. Getting your start in home ownership can be scary, but there are so many options and possibilities to stay within your comfort zone. The best thing you can do to understand those options, is to speak with experts. A trusted agent who is willing to take the time to talk you through the process, as well as a lender who actually wants to see you make the best decision for your life. I happen to have some really good recommendations for both of those, and would love to help anyone feel more informed on home ownership. If you are interested or have questions, please reach out! I have yet to hear anyone who is not happy they finally got into home ownership. 😊