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Mortgage Loa Versus Renting
from:There is a big debate these days whether it even pays to take out a mortgage loan or if renting ends up being cheaper. Since most people can’t buy a house outright with cash, and depend on getting a mortgage loa, there are some reasons that might make renting more attractive in the short-term. However, if you are looking for stability, a way to build wealth and a home you can call your own – a mortgage loa is the way to go.
The Benefits of Renting
Renting allows a certain mobility in your lifestyle. You sign a lease for a particular timeframe, and if you have to move you can still leave by paying a penalty. On the other hand, if you own your home, you can’t get out of your mortgage simply by moving. You have to sell the house and that can be a problem if your job takes you to many places. If you are very mobile, it’s difficult to make up the 6% you will have to pay the real estate agent to sell your home.
You do have fewer maintenance issues when you rent. If something breaks, you just call the landlord. A mortgage loa does not cover the monthly expenses of maintenance and they can cost a lot. If your roof needs to be replaced, you will spend in the thousands of dollars. However, if you rent the maintenance and appliances are taken care of by the leasing company.
The Benefits of a Mortgage Loa
While these types of benefits for renting are huge, there can be even bigger rewards for buying. When you rent, all of the money you spend for rent is not tax-deductible and does not serve to build up equity for you. In that sense, rent can be like throwing your money away. If you buy, you can find ways to generate equity and use the interest on the home mortgage loa payments as a tax write-off too. This can put you in a lower tax bracket and easily save you thousands, on top of the thousands you make in equity in a rising market.
There are many different types of mortgage loans out there. You can get an adjustable rate mortgage loa or a fixed rate mortgage. Often, the payments you make on a mortgage can be less than what you would pay for an apartment. However, this all depends on the housing market. Right now, there are some markets where rentals are cheaper than buying, so be sure to check your local market to find out which is best for you.
Florida Mortgage Specific links
Florida Mortgage News
One in three mortgage holders still underwater - msnbc.com (blog)
 Los Angeles Times | One in three mortgage holders still underwater msnbc.com (blog) Nevada homeowners have been hardest hit, where two-thirds of all homeowners with a mortgage are underwater. Arizona, with 52 percent, Georgia (46.8 percent), Florida (46.3 percent) and Michigan (41.7 percent) also have high percentages of homeowners ... Despite Home Value Gains, Underwater Homeowners Owe $1.2 Trillion More than ... Negative Equity More Widespread Than Previously Thought, Report Says Report: 53.9% of Orlando homes underwater |
Winthrop Realty Trust Acquires Matured Mortgage Loan - MarketWatch (press release)
Winthrop Realty Trust Acquires Matured Mortgage Loan MarketWatch (press release) BOSTON, May 23, 2012 (GlobeNewswire via COMTEX) -- Winthrop Realty Trust (NYSE:FUR) announced today that it has acquired a first mortgage loan secured by a 326000 square foot commercial building located in Ft. Lauderdale, Florida containing ... |
Florida takes a portion of mortgage settlement for budget - Bizjournals.com
 UK Progressive Magazine | Florida takes a portion of mortgage settlement for budget Bizjournals.com Florida is planning to take a portion of the $26 billion mortgage settlement and earmark it for the budget. The Bradenton Herald, citing a story from ProPublica, reports that Attorney General Pam Bondi's office confirmed that 10 percent of the funds ... Florida grabs a $33.4 million chunk of foreclosure settlement money for state ... Billion Dollar Bait & Switch: States Divert Foreclosure Deal Funds |
Mortgage firm opens Flagler office - Daytona Beach News-Journal
Mortgage firm opens Flagler office Daytona Beach News-Journal Wisconsin-based Waterstone Mortgage is a national company with six offices in Florida. The company offers several types of loan programs such as conforming, nonconforming and government loan programs. It is also a direct Fannie Mae and Freddie Mac ... |
Florida grabs a ($33.4 million) chunk of foreclosure settlement money for ... - Tampabay.com (blog)
Florida grabs a ($33.4 million) chunk of foreclosure settlement money for ... Tampabay.com (blog) “Ten percent went to the state of Florida as a penalty,” she said. “That money goes to GR (general revenue).” Florida's total take in the overall $25 billion settlement—which includes principle writedowns and mortgage modifications--is worth about $8 ... |