Mortgage interest rates are slated to gradually increase for the foreseeable future. While the costs for home loans have been favorable for the past few years have, now is the time to inquire about borrowing opportunities that are still attractive in 2018. Perennial Funding offers an array of financial resources that might help you obtain a loan to buy a home.
Money to Buy a Home
Getting the money that you need to buy a home might be more expensive beyond 2018. You might be currently eligible to receive funding for a house that you want to buy. In many neighborhoods, it might cost you more money to rent a home versus buying a comparable property.
Renting Versus Buying a Home
If you entered the workforce during the past few years or recently graduated from college, you may have rented an apartment to obtain an affordable place to live. Having paid your rent on time for the past year will be a positive indicator toward your housing responsibility. Additionally, as long as none of your rental payments were made 30 days beyond the due date, your rental history may be viewed satisfactorily.
However, each time that you sign a lease agreement, your landlord has the potential to build more wealth. As you make rental payments, her mortgage balance owed against the property decreases, while the value of the home could steadily increase.
Buying a home could enable you to build wealth, too. While your home provides shelter for your family, it is an asset that has the potential to improve your finances and your lifestyle.
Homeownership puts you in control. Unlike renting a home, you won’t need a property manager’s approval to have a pet, to remodel the property or to hire a contractor to install an inground pool in your yard. Also, you could decide to rent your home, sell it or to borrow against the equity within your home.
Among the greatest advantages of buying a home versus renting is payment stability. Annual rent increases are structured by landlords to generate more money from their tenants.
Whereas, qualified home buyers can obtain a 30-year fixed-rate mortgage loan for long-term payment stability. Calling one of our lending professionals to apply for a mortgage pre-approval is a terrific way to find out about affordable funding options for first time home buyers.
For more information about buying a home in 2018, contact Perennial Funding today at (888) 826-4856 to speak with a licensed mortgage professional.