As Mortgage Loan interest rates stay low and the price of housing nationwide continues to fall, the cost of renting a home has begun to seem less attractive than buying one.
According to Paul Diggle, a housing economist at Capital Economics, if you’re comparing the cost of owning and renting, buying a house may soon be the better choice. However, just looking at rental costs versus a mortgage ignores additional factors, such as taxes, insurance, maintenance, and the potential for housing costs to rise in the future.
You have to be willing to take the above factors, and more, into consideration when making the decision to purchase a home in lieu of renting. In addition to economic factors, other variable come into play, such as how long you intend to stay in the area, yard work (some people enjoy it, others hate it), and future size of your family.
Read the entire article.
If you’d like to discuss Mortgage Loan financing options we’d be happy to talk with you in person. Please contact us at (859) 264-4228. You can also check out UKFCU’s Mortgage Loan page.