01/18/2025
I’m the realtor that will tell you to not go buying a house if you know for sure in your hearts of hearts you can’t afford to. 🤷🏾♀️ But don’t go buying above your budget either if you can.
I am also the realtor that will tell you that renting for the rest of your life is going to cost you more than owning YOUR OWN HOUSE.
Here’s why:
> While rent and mortgage rates may rise there are a few differences between the two,
👎🏾 Rent goes to your landlord to help grow their investment. It does not benefit your financial future.
👍🏾 A mortgage is a loan (like that credit card you keep swiping) and is paid back to your lender BUT it pays down your balance owed while helping increase the equity in your home.
👎🏾 If your rent goes up you’re stuck with two options: paying the increase every time it goes up or having to find something cheaper.
👎🏾 Depending on the loan product you choose your mortgage rate will never change, it will stay the same (THANK GOD). Which means your payments stay the same throughout the life of the loan (goodbye pesty rental increases!).
But don’t get too excited yet, you always got the state and all them other folks up in your pockets. 🙄
Sometimes property taxes and insurance can fluctuate which in turn can influence your overall monthly payments BUT your mortgage will stay the same.
Now, here’s the sweet part, REFINANCE.
Everyone is up in arms about how high the rates are but here’s the thing, rates don’t stay the same forever. Sometimes they go up and sometimes they down. If you’re already a homeowner or just naturally curious about the process here’s a tip for you, MARRY the house and DATE the rate. If you end up with a rate you don’t like and find rates lower than what you have you can refinance for the lower rate which in turn lowers your mortgage payments making your monthly payment lower. Don’t let the rates be reason you don’t own a home.
Get your budget together, save up, then go buy that house you’ve been stalking!
