I know you’re ready for homeownership, but in case the process is becoming discouraging, here’s why you should keep pursuing home buying instead of continuing to rent.
Our EVP of Capital Markets, Greg Richardson (aka someone on our team who likes to study this stuff) has convincing information about renting vs. owning. Here’s what he has to say:
The downward trend of rates the last 20 years proves that buying a home truly is a better option than renting. Need proof? Let’s crunch some hypothetical numbers.
In June 2000, the median price of a home was $140,000 and the rate on a 30-year mortgage was 8 percent. If a borrower financed this at a 90 percent loan-to-value (putting 10 percent down), the principal and interest payment was approximately $925 a month. Compare that to 2017 when the median price of a home is $245,000 and the 30-year mortgage rate is 3.8 percent. If a borrower finances this at a 90 percent loan-to-value, the principal and interest payment would be approximately $1,025 a month. This shows that in the span of 17 years, the average mortgage payment has increased by just $100 on principal and interest only. This does not take into consideration property taxes and insurance, which vary across different states.
Rental rates, meanwhile, continue to rise much more than only $100 over 17 years with no sign of slowing down. The bottom line: Homeownership over time is a better investment and more affordable than renting.
Stay on the path to homeownership, friend, and let’s see if you can get approved for a mortgage.
CA-DOC289123 | Movement Mortgage, LLC supports Equal Housing Opportunity. NMLS ID# 39179 (www.nmlsconsumeraccess.org) | 877-314-1499. Movement Mortgage, LLC is licensed by CA Department of Business Oversight under the California Residential Mortgage Lending Act # 4131054. Interest rates and products are subject to change without notice and may or may not be available at the time of loan commitment or lock-in. Borrowers must qualify at closing for all benefits. "Movement Mortgage" is a registered trademark of the Movement Mortgage, LLC, a Delaware limited liability company. 8024 Calvin Hall Rd, Indian Land, SC 29707.
EID 2830-5 | The included content was approved as of 1/2018
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