Buying a home is a big decision. Here are things to think about when deciding if you want to rent or buy.
You Want to Build Wealth
Buying a home may be a way to build wealth. Over years, real estate investments often increase in value. A home can become a big financial asset in the future. If you have good credit and have saved some money, it may be time to consider a home purchase for a long-term investment.
You Want to Take Advantage of Low Interest Rates
Interest rates are still historically low. As interest rates rise, your monthly mortgage payment will also rise. There is no way to predict when interest rates will go down. When you purchase with a fixed rate mortgage, the rate is guaranteed for the term of the loan. In addition, if interest rates do drop after you purchase, you may have the option to refinance at a lower rate and save additional money on your monthly payment. If you are waiting for interest rates to drop, you may find yourself paying even more when you do purchase.
You Have Stability in Payments
When you rent, it is likely that your monthly rental rate will rise every year. Your choice is to make higher payments or move, which also is expensive. When you are paying a fixed rate mortgage, your payment stays the same. Even if the cost of groceries, gas or other necessities rise, the cost of your monthly mortgage will stay the same.
When you rent, you don’t have as many options to make your space your own.
You may be limited in paint colors, lighting, etc. If you need or want a new refrigerator, you have to wait until your landlord is ready. Want a dog? Ask your landlord and pay more for letting your 4-legged friend join your family. When you own your home, you can own your home and make your own choices.
Make your home your own by buying your own home.
Like this:
Like Loading...
Related
Published by Universal Lending Home Loans
Universal Lending Corporation was founded nearly 40 years ago on the principle that our customers deserve individual and specialized attention throughout the mortgage process. We embrace our passion for customer care, and educate and empower each potential home buyer throughout the entire process, so they make informed, considerate decisions that ensure their home mortgages fit their budgets and keep their families financially secure.
NMLS #2996
Equal Housing Opportunity
6775 E Evans Ave., Denver, CO 80224
(800) 758-4063, Colorado Responsible Party, Colorado Mortgage Company Registration; Arizona Mortgage Banker License #0927881; Florida Mortgage Lender Servicer License #MLD989; Illinois Residential Mortgage Licensee #MB.6760981; Iowa Mortgage Banker License #2006-0305; Kansas Licensed Mortgage Company Kansas Mortgage Company License #MC.0025137; Michigan 1st Mortgage Broker/Lender/Servicer Registrant #FR0019350; Michigan 2nd Mortgage Broker/Lender/Servicer Registrant #SR019351; Minnesota Residential Mortgage Originator License #MN-MO-2996; Montana Mortgage Lender License #2996; Montana Mortgage Broker License #2996; Montana Mortgage Service License #2996; Nebraska Mortgage Banker License #46; New Mexico Mortgage Loan Company License; North Dakota Money Broker License #MB102363; Texas - SML Mortgage Banker Registration; Utah-DRE Mortgage Entity License #7384716; Washington Consumer Loan Company License #CL-2996; Wisconsin Mortgage Banker License #2996BA; Wyoming Mortgage Lender/Broker License #582.
TEXAS MORTGAGE BANKER COMPLAINT NOTICE
CONSUMERS WISHING TO FILE A COMPLAINT AGAINST A MORTGAGE BANKER OR A LICENSED MORTGAGE BANKER RESIDENTIAL MORTGAGE LOAN ORIGINATOR SHOULD COMPLETE AND SEND A COMPLAINT FORM TO THE TEXAS DEPARTMENT OF SAVINGS AND MORTGAGE LENDING, 2601 NORTH LAMAR, SUITE 201, AUSTIN, TEXAS 78705. COMPLAINT FORMS AND INSTRUCTIONS MAY BE OBTAINED FROM THE DEPARTMENT’S WEBSITE AT WWW.SML.TEXAS.GOV. A TOLL-FREE CONSUMER HOTLINE IS AVAILABLE AT 1-877-276-5550.
THE DEPARTMENT MAINTAINS A RECOVERY FUND TO MAKE PAYMENTS OF CERTAIN ACTUAL OUT OF POCKET DAMAGES SUSTAINED BY BORROWERS CAUSED BY ACTS OF LICENSED MORTGAGE BANKER RESIDENTIAL MORTGAGE LOAN ORIGINATORS. A WRITTEN APPLICATION FOR REIMBURSEMENT FROM THE RECOVERY FUND MUST BE FILED WITH AND INVESTIGATED BY THE DEPARTMENT PRIOR TO THE PAYMENT OF A CLAIM. FOR MORE INFORMATION ABOUT THE RECOVERY FUND, PLEASE CONSULT THE DEPARTMENT’S WEB SITE AT WWW.SML.TEXAS.GOV.
View all posts by Universal Lending Home Loans
