10-10-2021, 01:16 PM
(10-09-2021, 06:14 PM)George Cantstandya Wrote: 30 year fixed mortgage rates are actually fairly low right now. 30 year fixed about 3.38% 15 year fixed about 2.4% as of the time of this post. This is actually a good time for someone to get into a stater home if they qualify and have the money for a decent down payment. Better putting some of that rent money into equity and getting in while rates are low as opposed to later when the rates may go back up which will cost a lot more over the maturity of the loan. That's why prices on homes have gone up so much. Low interest rates and people are buying in at those low rates. It has become a sellers market.
But for a renter there is certainly no reason they can't get out of the renting cycle and buy a home as long as they have realistic expectations, positive credit, money for a down payment and can get into a fixed mortgage. I'd never try to talk someone out of renting if they want to own a house because renting is just that, money spent on something one will never own or have equity in.
I know interest rates are low. But just look what happened during the last housing bubble. Many people ended up walking away from their mortgage when it was twice the value of the house. Why keep paying on a $300K mortgage when the house is just worth $150K?
