You are going to stay in one place for a while; like until the youngest graduates
You are tired of Grafetti
You need 3 or 4 bedrooms
You want the tax deduction
You believe that house prices are going up
You want to have a lawn & garden
You want some privacy
You like to do work on the house
You want something more than a Car Port
You would like something in green or blue
You think housing prices are going down
Your credit stinks
When it comes to interest rates, what goes up must come down/what goes down must come up.
Prior to last year the average mortgage rate for the previous 40 years was 9% according to Freddie Mac. They didnâ€™t tell me that, I took their figures and averaged them myself.
Every day you do not close on a fixed rate mortgage is one day closer to them going up. As for your question, yes or no.
The difference in PI on a $200,000 mortgage from 4% vs 9% is $954.83 and $1,609.25, just saying...
I think Ron makes some very good points.
Let me speak from experience. I rented the same place for 6 years, the first year I paid $750 a month by the end of the 6th years I was at $925 a month. So the first year I paid $9,000 in rent and the 6th year I paid $11,100 an increase of 23%
I have owned my property for 7 years and my mortgage is the same price it was 7 years ago. I imagine by now my rent would have exceeded my mortgage payment.
In the 6 years I rented I paid over $60,000 in rent and when I left I left with nothing.