Pay Your Own Mortgage, Not Your Landlord’s

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Pay Your Own Mortgage, Not Your Landlord’s

When it comes to your finances, wouldn’t you rather pay your own mortgage rather than paying your landlord’s? 

Many people are hesitant to take the plunge into homeowners ship because they are uncomfortable about taking on the responsibility of a mortgage. Newsflash: Unless you are living at home with your parents rent free, you are indeed paying a mortgage. Your landlord’s.

People must pay the cost of housing whether they own or rent. Not counting for the favorable tax treatment that homeownership brings to homeowners, homeowners pay debt service to pay down the principal of their home while renters pay down the principal of their landlord.

This is another reason that owning often ends up making more financial sense than renting.

With a fixed-rate mortgage, you will have the certainty and stability of knowing what your mortgage will be like for however long your mortgage lasts. This is compared to the uncertainty of rents which will continue to rise for the next three decades.

When you are an owner, the mortgage payment you make is a form of “forced savings” which allows you to have equity in your home that you can tap into later on in your life. When you rent, you contribute to the same guarantee, only it’s not for you, rather, your landlord.

But before you go out and buy a home, there is a very complex process through which you must go. Getting pre-approved, applying for a mortgage, and then looking for a home you can afford, is something that requires attention to detail.

When it comes to your financial future, it makes more sense to be a buyer rather than a renter. Contact Elvin Wesley at Ranch & Coast Mortgage Group Inc. for all of your home loan needs throughout Solana Beach and San Diego County, as well as all of California.