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As mortgage rates rise, here’s how to decide whether you should buy a home or rent

As mortgage rates rise, here’s how to decide whether you should buy a home or rent

May 19, 2022 By David Banks Leave a Comment

Buying a house or an apartment in a market like the one we are currently experiencing, can be a daunting task. Potential buyers are dealing with a market that is quite hot, with no signs of significant slowdown. In addition, inflation causes the rise in interest and mortgages are becoming less and less affordable. Therefore, more buyers are reconsidering their strategy and goals, which means that the option of renting instead of an outright purchase becomes reasonable. Your plan needs to start with a strictly defined budget, which will determine other factors in your financial decision making process.

Key Takeaways:

  • Mortgage rates are significantly increasing making it more difficult to buy a house today.
  • One should assess their financial position and goals before choosing to buy a home or rent.
  • Income stability and sticking to a budget are key elements in being the right time to buy a home.

“At the same time, consumer prices on everything from gas to food are also accelerating, costing Americans hundreds of dollars more in spending a month.”

Read more: https://www.cnbc.com/2022/05/04/as-mortgage-rates-rise-how-to-decide-whether-to-buy-a-home-or-rent.html

Related posts:

  1. Pre-Qualified vs. Pre-Approved: What’s the Difference?
  2. The biggest mistakes home buyers make in a seller’s market
  3. 7 Bidding War Mistakes Today’s Homebuyers Are Making in Droves
  4. First-Time Homebuyers are Driving the Market Forward

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