Welcome to Mortgage Guide
Mortgage Washington Article
. For a permanent link to this article, or to bookmark it for further reading, click here.
Mortgage Loan Versus Renting
from: Mortage & Debt FactsThere 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 loan, 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 loan 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 Loan
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 Washington Specific links
Mortgage Washington News
Supreme Court says families cannot sue mortgage company over loan discount fee - Washington Post
 KIMA CBS 29 | Supreme Court says families cannot sue mortgage company over loan discount fee Washington Post WASHINGTON — The Supreme Court ruled unanimously Thursday that three families cannot sue a mortgage company for allegedly charging them a loan discount fee without giving them a lower interest rate. The high court's decision tosses out lawsuits filed ... Court: Families cannot sue over loan discount fee Supreme court limits reach of 1974 real estate law Mortgage Closing Overcharge Suits Curbed by High Court |
Average US rate on 30-year mortgage dips to record low of 3.78 percent; 15 ... - Washington Post
Average US rate on 30-year mortgage dips to record low of 3.78 percent; 15 ... Washington Post WASHINGTON — 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 says the rates on the 30-year loan dipped to ... |
Mortgage Q&A: Borrowers hit by mess others made - Washington Times
 Washington Times | Mortgage Q&A: Borrowers hit by mess others made Washington Times By Henry Savage SPECIAL TO THE WASHINGTON TIMES The very real credit crunch continues. The political pundits keep preaching the sermon of the common-sense lending that's needed to get credit flowing again in hopes of jump-starting the housing market ... |
Obama Administration Looks For Mortgage Misconduct Tipsters - Wall Street Journal
Obama Administration Looks For Mortgage Misconduct Tipsters Wall Street Journal By Alan Zibel Of DOW JONES NEWSWIRES WASHINGTON (Dow Jones)-- The Obama administration is looking for some tipsters to help root out criminal activity in the US mortgage market. The Justice Department on Thursday announced the launch of a website ... |
Real estate industry pushes Senate on refi bill - MarketWatch
Real estate industry pushes Senate on refi bill MarketWatch By Mara Grbenick of Medill News Service WASHINGTON (MarketWatch) — Real estate and mortgage industry leaders urged a Senate committee on Thursday to back a plan that would lower interest rates for homeowners with government-owned mortgages. |