Despite mortgage rates being at all-time lows, rental prices are at all-time highs. In today’s housing market, rental properties are filing to 90 percent capacity and some experts believe that rental prices may continue to rise as much as 30 percent in the next four years.
Sounds strange, right? With mortgage rates at historic lows, and rental prices going up, there really hasn’t been a better time to become a homeowner.
While monthly rental payments go to your landlord never to be seen again, by purchasing a house with a low interest rate, the money you would normally spend on rental payments can go towards your loan. This means that you can build up equity and potentially access the majority of that money in the future, whether through a cash-out refinance or by selling your home.
And, while rental prices may continue to rise, if you purchase a home and finance the purchase with a fixed rate loan, you will be guaranteed to pay the same payment for the term of the loan, taking all the guesswork out of your housing budget.
Wouldn’t it be great to work towards owning your own home rather than throwing that money away each month?
If you would like to take advantage of low rates and lock down a monthly payment that won’t be subject to inflation, call Creekside Mortgage, Inc. at 800.920.5420 or 360.571.LOAN (5626).
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