Why Buying a Home with Mortgage First Still Makes Sense

Why Buying a Home with Mortgage First Still Makes Sense

Are you in a quandary about whether to rent or buy a home this year? The relentless challenge of rental affordability persists, making homeownership an increasingly attractive prospect. Despite higher interest rates, many are drawn to the benefits of purchasing property.

Recent data from Realtor.com paints a telling picture. While the rental market's growth has slowed, as of March 2023, rents remain over 25% higher than they were in March 2019. In the face of these soaring rental costs, owning your own home can offer a more financially sustainable and secure alternative.

Payment Stability with Mortgage First

One of the most compelling reasons to opt for homeownership with Mortgage First is the payment stability it provides. Homeowners with a fixed-rate mortgage can lock in a consistent monthly payment for the entire loan term, often spanning 30 years. This contrasts starkly with renters who grapple with the uncertainty of fluctuating rental rates.

More Space for Less with Mortgage First

If you find yourself in need of additional living space, such as two or more bedrooms, homeownership is an avenue worth exploring. When comparing the cost of renting a two-bedroom property to making mortgage payments for a similarly sized home, homeowners emerge as the winners. According to Realtor.com, the median monthly mortgage payment for a two-bedroom property is $74 less than renting.

Build Equity for Your Future with Mortgage First

Moreover, owning a home initiates the process of building equity, gradually increasing your net worth as property values typically appreciate over time. As you make progress in paying off your mortgage, your equity grows, serving as a valuable asset that can be leveraged for future moves or investments. The opportunity to build equity is a key driver behind the surge in home purchases over the past year.

Discover Your Mortgage Payments Today

There's no better time than now to pursue your dream of homeownership. Whether you're seeking more space, room to organize your belongings, or dedicated areas for your hobbies, Mortgage First can help you explore home financing options and home-buying assistance programs. With rental prices on the rise, owning a home might be the more prudent choice.

Don't delay. Contact us today for a no-obligation consultation, and utilize the mortgage payment calculator on our website to gain insights into your future mortgage payments.

• Specific loan program availability and requirements may vary. Please reach out to your dedicated Mortgage First advisor for comprehensive details.*