“Should I buy a home now or just continue renting?” This question has most likely popped into your mind so many times, which makes sense as there are pros and cons to both. With home buying, the biggest obstacle is paying for the upfront costs. However, home ownership brings joy and satisfaction that renting can never offer.
The final answer will still depend on you. To help you understand its value, know what makes home ownership in St. George so attractive and beneficial.
Delaying means not enjoying interest rate lows.
According to Time, mortgage interest rates are at almost-historic lows. In September, rates were just a little over 4 per cent. One factor for this dip in the home buyers’ favor is the country’s rise, albeit slow and gradual, from the Great Recession. Experts also say home prices will be up again several years from now.
Next year, you can expect rental rates to go up.
There’s also the prediction about rental rates increasing come year 2016. The forecasted 1.9 percent rise should already prompt you to start looking for a reliable mortgage company in St. George. This upward trend will continue for the next 10 years, with the increase being 2.2 percent every year.
You have several mortgage loan options.
Mortgage loans come in different forms. You’ll find one that best suits your current financial standing. There are fixed-rate mortgages, adjustable-rate mortgages, and jumbo loans.
Under each are several sub-types. As more consumers are looking into home buying, mortgage companies offer more attractive deals to stay in the game. This then translates to potentially lower interest rates on your part.
From these raised points, buying seems the wiser choice. Like all kinds of investment, however, it comes with disadvantages. Observe your spending habits to determine if you can get that mortgage and manage repayments.