There is more demand for a rental property now than ever. This high demand is causing rent prices to skyrocket. If you are looking for a long term lease your mortgage could be less than you’re paying in rent per month!
The mortgage bill for today’s homeowners is the best it has been in decades. With 20% down on a median priced home, around $154,000, your monthly principal and interest payment could be only $616. This number is only 12.1% of the median U.S. family income.
It is the best time to buy if you are in a stable financial state with good credit. In almost all of the top metro areas it is now cheaper to buy than rent.
Some of the major benefits of homeownership are the pride of ownership and the financial benefits. You have full control over your home when you own it. No more restrictions and apartment rules. You get to paint, decorate, renovate, and do whatever you please. A home becomes a part of yourself and a reflection of you and your family. It gives you a sense of stability and security.
The largest financial benefit is price appreciation which helps build home equity. Price appreciation is the difference between the market price of the house and the remaining mortgage payments. Location will play a large role in the rates of home price appreciation. Other financial benefits include the tax savings. Most Americans are able to deduct the annual interest paid on a mortgage from income.
Are you ready to own a home? First you need to take a look at your financial situation. Figure out your budget and determine if you can afford a monthly mortgage. After reviewing your finances the next step is to contact 1AM. We will help you find the right loan for you.