"Marry the house; date the rate."What does this mean?It means buy the house you want. But committing to the house doesn't mean you have to commit to the financing available now FOREVER. Smart
Do You Know What The Interest Rate Of Renting Is
Dated: June 8 2022
If you're considering whether it's time to stop renting and purchase a home, I want you to keep in mind that the interest rate on renting is 100%.
However, renting has its perks. No maintenance costs, no down payment, flexibility to move, and no concern about property value. But the truth is your monthly rent payment is just like paying 100% interest month after month after month.
You see, when you toss the financial jargon, interest, at its simplest, is the fee you pay to live in your home. When you rent, that’s what you’re doing. You’re paying a fee month after month, gaining nothing other than a roof over your head.
Yes, when you buy, you’re paying a fee (your mortgage) month after month, but you’re gaining SO much more than just a place to call home.
An appreciating investment (existing-home sale prices rose 14.6% in 2021!)
Increasing equity (every month, the bank owns less of your home, and you own more!)
Predictable housing costs (a fixed-rate mortgage will never change)
Advantages come with tax time
Freedom to personalize however you choose
In almost every situation, it pays to buy vs. rent. Want to talk more and run the numbers? Let’s do it! Give me a call or send me an email. Let's talk!
Lainie Eilenberger, REALTOR
Key and Slate Real Estate Group
Keller Williams Realty
Licensed in Texas
Nothing is more gratifying to me than the feeling I get from helping people meet their real estate needs. You can count on me to always do what's in your best interest. I pride myself on being honest,....