{"id":2467,"date":"2018-08-27T10:00:38","date_gmt":"2018-08-27T10:00:38","guid":{"rendered":"https:\/\/thezakariagroup.com\/rent-or-buy-either-way-youre-paying-a-mortgage\/"},"modified":"2018-08-27T10:00:38","modified_gmt":"2018-08-27T10:00:38","slug":"rent-or-buy-either-way-youre-paying-a-mortgage","status":"publish","type":"post","link":"https:\/\/thezakariagroup.com\/rent-or-buy-either-way-youre-paying-a-mortgage\/","title":{"rendered":"Rent or Buy: Either Way You\u2019re Paying A Mortgage!"},"content":{"rendered":"
\n

\"Rent<\/p>\n

There are some people who have not purchased homes because they are uncomfortable taking on the obligation of a mortgage. Everyone should realize, however, that unless you are living with your parents rent-free, you are paying a mortgage \u2013 either yours or your landlord\u2019s<\/em>.<\/span><\/p>\n

As Entrepreneur Magazine<\/em>, a premier source for small business, explained in their article, \u201c12 Practical Steps to Getting Rich\u201d<\/a>:<\/em><\/p>\n

\n

\u201cWhile renting on a temporary basis isn\u2019t terrible, you should most certainly own the roof over your head if you\u2019re serious about your finances. It won\u2019t make you rich overnight, but by renting, you\u2019re paying someone else\u2019s mortgage<\/strong>. In effect, you\u2019re making someone else rich.\u201d<\/em><\/p>\n<\/blockquote>\n

With home prices rising, many renters are concerned about their house-buying power. Mark Fleming, Chief Economist at First American<\/em>, explained<\/a>:<\/p>\n

\n

\u201cOver the last three years, renter house-buying power has increased fast enough to keep pace with house price appreciation<\/strong>, so the share of homes that a renter can afford to buy has remained the same since 2015. <\/em><\/p>\n

Although mortgage rates are expected to rise, they are still low by historic standards, and real household incomes are the highest they have ever been. Assuming this trend continues, our measure of affordability, which takes into account income, interest rates, and house prices, indicates that homeownership is still within reach for renters.\u201d<\/strong><\/em><\/p>\n<\/blockquote>\n

As an owner, your mortgage payment is a form of \u2018forced savings<\/em>\u2019 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 building that equity.<\/p>\n

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\u2019s<\/em> latest report<\/a> shows that rates across the country were at 4.51% last week.<\/p>\n

Bottom Line<\/strong><\/h3>\n

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.<\/p>\n<\/div>\n

Powered by WPeMatico<\/a><\/small><\/p>\n","protected":false},"excerpt":{"rendered":"

There are some people who have not purchased homes because they are uncomfortable taking on the obligation of a mortgage. Everyone should realize, however, that unless you are living with your parents rent-free, you are paying a mortgage \u2013 either yours or your landlord\u2019s. 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