Some Highlights:

  • When having to make a choice, for many it is very difficult to take that leap from renting to purchasing a home.
  • Most people that want to buy do not realize that they can actually afford to purchase a home.
    • Most buyers do not need a 20% down payment to purchase a home
    • There are Maryland/Federal Loan programs (must qualify) that allow a no down payment option or grants/loans.
    • When making an offer, seller credit can be requested to offset closing costs (this can be on top of no down payment loan options).
  • On average, according to Zillow.com, the percentage of income needed to rent a median-priced home today is 29.2%. This is almost double the percentage of income needed to purchase a median-priced home at 15.8%. 
  • Every real estate market is different and before you or someone you know rents for another 12 months, find out if you can pay down your own mortgage this year.

 

Bottom Line

No matter what; whether you own or you rent, you are paying a mortgage of some sort. So, why not pay your own mortgage down. If you would like some additional information, please do not hesitate to contact me. I will be more than happy to answer all of your questions.