*disclaimer: Not all individuals will qualify for each loan type and/or scenario. Please contact me to see if you'd qualify for these loan products and/or discuss your options.
Renting for many people, seems like a great option because of 'cheaper monthly payments'. In some cases, yes. But those are few and far in between. In most cases, if a borrower is renting, they're actually paying off someone else's mortgage.
The renters will end up paying the exact monthly amount, or maybe even a little bit more in order to live in a specific place. While they're paying these types of monthly payments, they're building someone else's equity in the home, and may also be giving them a bit of a profit on the rent without even knowing it.
If you're currently renting a home, how much are you paying for it each month? $2,500? $3,500? These are typical monthly mortgage payments on affordable homes in nice areas around the state of Utah.
If you're deciding whether to buy or rent, consult with a mortgage loan officer like myself before you make the decision. If it makes sense to rent, I'll tell you that, that is your best option. If you'll be making the same payments for a home of your own, then I'll suggest purchasing as the better option.
Why pay for someone else's mortgage, when you could be paying your own? Building equity will help you get into a better financial position and help you to upgrade to a bigger, better home a few years down the line.
Contact me today to weigh the differences between renting and purchasing, and how becoming a homeowner could end up being more beneficial in the long run.
*disclaimer: Not all individuals will qualify for each loan type and/or scenario. Please contact me to see if you'd qualify for these loan products and/or discuss your options.
Brayden Ramsay NMLS #1997195
Momentum Loans NMLS #1606597
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