Whether you Rent or Buy You're Paying Someone's Mortgage!

NEW YORK - Nov. 10, 2017 - PRLog -- There are some people who have not purchased homes yet because they are uncomfortable taking on the obligation of a mortgage. Everyone should realize that, unless you are living with your parents rent-free, you are paying a mortgage – either yours or your landlord's.

As Entrepreneur Magazine, a premier source for small business explained in their article, "12 Practical Steps to Getting Rich,":

"While renting on a temporary basis isn't terrible, you should most certainly own the roof over your head if you're serious about your finances. It won't make you rich overnight, but by renting; you're paying someone else's mortgage. In effect, you're making someone else rich."

Christina Boyle, Senior Vice President and head of the Single-Family Sales & Relationship Management organization at Freddie Mac, explains another benefit of securing a mortgage vs. paying rent:

"With a 30-year fixed rate mortgage, you'll have the certainty & stability of knowing what your mortgage payment will be for the next 30 years – unlike rents which will continue to rise over the next three decades."

As an owner, your mortgage payment is a form of 'forced savings' which allows you to build equity in your home that you can tap into later in life. As a renter, you guarantee the landlord is the person with that equity.

Interest rates are still at historic lows, making it one of the best times to secure a mortgage and make a move into your dream home. Freddie Mac's latest report shows that rates across the country were at 3.94% last week.

Bottom Line

Whether you are looking for a primary residence for the first time or are considering a vacation home on the shore now may be the time to buy.

If you are ready to buy or sell a home on Staten Island, call Martino Realty at (718) 608-9400. They have over 30 years of expierence or visit http://martino-realty.com/.