Here Are Three Reasons Why You Should Not Need A Mortgage Lender
Let’s assume, you are a supervisor at a multi-national marketing agency. You earn a six-digit monthly salary. Additionally, you look like you’re heading for higher and more prestigious positions in the company hierarchy. All these things mean you should purchase a home?
Owning a house is something mortgage lenders will tell you is good. Owning a house is an excellent way to build wealth over time. The thing mortgage lenders do not want to tell you is that homeowners are not required to be homeowners.
It is not only about monthly payments that home ownership requires. Your time and effort would be required to improve your home, as well as your obligations to your mortgage lender. Don’t contact your lender if any one of these is the reason you want to purchase a home. Take a seat, relax, and let us take you through the details.
1. A house is an investment that will last a lifetime
A house is an excellent way to build wealth and you can put your money to use by buying a house. There are better ways to double – or even triple – the amount of your money if you’re looking for good investments. Stocks for instance have an average appreciation that exceeds inflation rates by at least seven percent.
This is because, as mortgage lenders understand, the price of homes can change along with the dollar. The 1990s saw real estate prices plummet. Los Angeles homes were able to regain their original value after ten long years. A mortgage that is more than what your home can be sold for could result in you owing more money if you’ve just bought a home.
2. Renting is like wastage of money
Rent is what you pay to have a place to call home. Renting is cheaper than making monthly house payments. Rent seems like a waste of money in many cities. If your sole reason for purchasing a home is to pay rent, then you shouldn’t call your mortgage lender. Many people have too little money to buy houses. These people end-up getting loans with attractive terms from predatory loan lenders. When the realty market takes a beating, then what seemed to be reasonable payments suddenly become burdensome. When finances become strained, you may not only be late on your mortgage payment but could also lose your home. Renters are faced with rising rental prices and aggressive landlords. These problems do not only affect renters, but also homeowners. These homeowners face increasing taxes, high maintenance costs, and challenging neighbors.
3. I need a deduction from my tax
This is the silliest reason that you can think of to require a mortgage loan lender. Although the tax breaks are nice, you also need somewhere where you can live. You need to carefully examine the numbers before deciding if you have to get a mortgage for write-offs to be available. This is the truth: Your tax bracket will directly affect your write-off. If you fall within the top federal tax brackets, you save 35 cents per dollar on your taxes for each dollar you pay mortgage interest. A mortgage lender lending money to purchase a home to you to get a tax deduction is no different than giving someone a dollar in return for 35 cents, or less – if your tax bracket is lower than 25%.
Being a homeowner is a great way of growing your roots and earning money. Not everyone wants to become a homeowner, but that doesn’t make it any less important. If you need more information on the topic, you should do some research on google by searching term “mortgage near me”.