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Have you been considering buying a house, but not sure if it’s the right time?
I get it, renting does have its advantages, but have you ever heard the saying, “Divorce the rental, marry the home, date the rate”?
It’s a phrase used by real estate agents to explain the benefits of homeownership. Here’s what’s behind that advice.
“Divorce the rental.” When you’re renting, you’re essentially paying someone else’s mortgage. Every month, your hard-earned money goes into someone else’s pocket, leaving you with no long-term benefits.
“Marry the home.” When you buy a house, you’re investing in your future. It’s not just a place to live; it’s an asset that appreciates over time. Homeownership provides stability (no sharp yearly increases in monthly housing cost) and the opportunity to build equity, which can be a valuable financial resource down the road.
“Date the rate” Means that you should be prepared to refinance in the future, if rates drop, instead of staying with the current rate for life. It comes into play at times like this; when Mortgage interest rates have been at historic low, making current interest rates seem very high resulting in some postponing starting the home buying process in hopes that rates come back down, or prices go down to offset the rate increases.
Unfortunately, it’s not foreseen that either will happen anytime soon. Home prices have continued to rise, and interest rate are expected to hover around todays or slightly higher rates for the near future. Since, homeownership also offers tax benefits, such as deducting mortgage interest and property taxes, buying now and refinancing if/when interest rates go down, is in most cases, the best long term financial strategy.
Of course, there are factors to consider, such as your financial situation and long-term plans, but exploring homeownership is always a wise choice.
Contact me 
215.350.51.52, 
monica.varela@cbrealty.com
215.350.51.52, monica.varela@cbrealty.comI can connect you with a lender to help you explore the different options and what you could be approved for. From there we can begin the home search and buying process; an exciting and rewarding experience.
