Monthly Archives: April 2017
Who’s Mortgage are you Paying?
It is important to realize that unless you are living rent-free with your parents, you are paying a mortgage. Either your own or your landlord’s.
If you are serious about your finances you should certainly own your own home. Owning your home will not make your rich over night. When renting you are paying someone else’s mortgage and making someone else rich.
As a home owner, your mortgage payment is a form of “forced savings”. This allows you to build equity in your home that can be used later in life. When renting, you are guaranteeing the landlord as the person with that equity.
Another benefit of owning your home is that with a fixed rate mortgage, you will have the certainty & stability of knowing what your mortgage payment will be for the next 30 years unlike rents rates which are continuing to rise.
Whether you are looking for a primary residence for the first time or are considering purchasing a second home, now is the time to buy!