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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.
Mortgage Sales Specific links
Mortgage Sales News
US sales of new homes rose 3.3 percent in April - Houston Chronicle
 Boston Globe | US sales of new homes rose 3.3 percent in April Houston Chronicle A pickup in hiring and cheaper mortgages, combined with lower home prices in most markets, has made home buying more attractive. Builder confidence has increased steadily since the fall. On Tuesday, the National Association of Realtors said sales of ... Add a personal message:(80 character limit) * New home sales rise 3.3 percent in April |
US 30-Year Mortgage Rate Falls to Record 3.78 Pct. - ABC News
 WRAL.com | US 30-Year Mortgage Rate Falls to Record 3.78 Pct. ABC News The average US rate for the 30-year fixed mortgage fell to a record low for a fourth straight week. Cheap mortgages have helped boost home sales modestly this year. Mortgage buyer Freddie Mac said Thursday that the rate on the 30-year loan dipped to ... Freddie Mac: 30-year mortgage rate down a tick at 3.78% |
Negative equity remains a drag on housing market - Los Angeles Times
 Los Angeles Times | Negative equity remains a drag on housing market Los Angeles Times In roughly 10% of Southern California cities, 1 of every 5 homeowners with a mortgage owes double the value of the house, according to the data, released Wednesday. As sales and prices improve, some economists expect homeowners who have been stuck in ... 44% of Cook County homes with a mortgage are underwater Half of metro Atlanta mortgages underwater Negative Equity More Widespread Than Previously Thought, Report Says |
Mortgage Rates: Low Mortgage Rates Spark Increase in New Home Sales - FreeRateUpdate.com
 Best Syndication | Mortgage Rates: Low Mortgage Rates Spark Increase in New Home Sales FreeRateUpdate.com Current low mortgage rates remain stable and have helped spark an increase of 3.3% in new home sales for the month of April, according to the Commerce Department and the Department of Housing and Urban Development. This is 9.9% above the estimates for ... Current Mortgage Rates: US Bank, Fifth Third Bank and BB&T Home Purchase Rates ... HSH.com Weekly Mortgage Rates Radar: Fixed Mortgage Rates at New Record Low Again Current Mortgage Rates for Tuesday, May 22, 2012 |
PaperErasers Appoints Chris Collum as Regional Sales Director - North - Houston Chronicle
PaperErasers Appoints Chris Collum as Regional Sales Director - North Houston Chronicle Chris brings to PaperErasers more than 20 years of extensive experience in business development and sales accomplishments, most notably in the mortgage banking industry. Just recently, he served as an account executive providing credit information ... |