Anyone who has been out looking for a new place to live recently knows that rent is on the rise. According to Apartmentlist.com rents in the Seattle metro area have increased by 7.4% and predictions are that we are going to see rent prices increase again next year perhaps by the same amount. This is market dynamics in action. As there is more demand for limited supply, prices go up. How can you keep your monthly rent from getting out of control?
Fire your landlord! With a fixed-rate mortgage you have mortgage payments that will remain the same for the life of the loan, or choose to pay it off sooner. When you rent you are always paying the market price for your housing, and your payments go to someone else’s pockets. With your own home you not only have more control over your monthly housing amount but you can feel confident that your monthly housing costs are not going to get wildly out of control. In addition you are adding to your own personal wealth! Forbes magazine points out that according to the Federal Reserve the average home owner has $195,000 more lifetime net worth than a typical renter.
What are some of your concerns in purchasing a home? Best Way Lending has the qualified professionals that can help you with the first step towards home ownership. Getting pre-qualified on a loan is the best first step. We help you determine what size loan is best for you. Sometimes different loan products work better for certain types of homes, knowing what programs are available help you to find the home you want that fits your budget.
Contact us at Best Way Lending today and stop paying rent.