Think about this for a moment: whose mortgage are you paying?
If you are paying for your own home, you're paying your own mortgage.
If you're renting, you're paying your landlord's mortgage.
Either way, someone is building equity with your money.
How to get out of renting
It's much easier to purchase a home than most people think. In fact, here are a few "secrets" your landlord doesn't want you to know:
- You don't need perfect credit. In fact, most mortgages are given to people who have FICO credit scores under 750.
- You don't need 20% as a down payment. In fact, depending on your veteran status, you might even be able to get a loan with 0% down payment.
- There are affordable homes almost everywhere. There are homes in nearly every price range in nearly every market.
It all starts with talking to a mortgage broker that can ask about your situation and help you find the right loan for your needs and your income.
Why it's better today than in the last ten years
There are a few factors that make buying a home easier right now than it has been in a long time.
- Interest rates are low. They aren't quite as low as they were a couple of years ago, but they're still within reach.
- Incomes are beginning to rise. It's a slower rise than most of us who don't work for ourselves would like, but incomes are coming up.
- Home prices are still within range. It might seem like they've shot up, but the housing crisis pushed them way down. Right now the average home price is lower than it would be if it had simply risen with the cost of inflation since 2006.
You are paying someone's mortgage. You might as well be paying your own. Now is the time to take advantage of the market and interest rates.