One thing we know about rent is...it will go up as time goes by! So many couples find themselves in the "rent trap" and never seem to break the cycle and purchase a home of their own. Buying a home can be a stressful decision and many times first time home buyers may feel that they are not in a position financial to consider buying their own home. But, right now may be the best time to take advantage of the current buyer’s market and break free from the rent trap! Housing is more affordable now than it has been in generations, plus the fixed rate interest rate is at historical lows. This is the perfect storm for first time home buyers who wish to capitalize on the current housing market.
While we know that rent may increase each year and is almost guaranteed to escalate over the next few years, fixed rated mortgages do not! If you elect to purchase your home on a typical 30 year fixed rate mortgage, you have locked in your monthy payment for the life of the loan, or for as long as you live in that home. Just imagine guaranteeing that you will never have another rent increase! There are also adjustable mortgages offered today often have lifetime caps on the mortgage rate too. So even those these mortgages can adjust up, at least you are guaranteed the amount in which they can adjust and the time frame in which the increases will occur. You have control over, and knowledge of, your monthly payments!
There are so many different programs and financing options for first time home buyers. Many couples find that with the right lender and finance program, they are able to buy a larger and nicer home for the same monthly investment or even less, than they would have paid if they remained in a rental home. In addition to living in a nicer environment, your monthly payments are secured and you will begin building equity. Let's not forget homeownership also gives you the benefit of a well deserved tax deduction! And the potential for some nice long term gains in equity when the housing market recovers! I encourage all individuals currently renting to seek the advice of a knowledgeable Realtor and Loan Officer with experience in working with first time home buyers. The payoff can be very rewarding for everyone involved!
If you are interested in finding Murfreesboro TN homes for sale, or real estate in Murfreesboro TN or the Nashville TN area, please give me a call at 615-566-3789. You can also visit my website and sign up to have all the new listings emailed to you daily and search the entire MLS with my free Home Search tool. You can even search for only foreclosed homes!