Tired of helping your landlord pay down their mortgage with your rent money? Want to build your own equity by owning your own home? Well here’s your chance! Did you know that in a lot of cases, renters are being charged a monthly rent amount that is equivalent to a mortgage payment?
If this is the case, you must be wondering why you are still renting rather than owning. Many people don’t realize this and they are paying their hard earned money to their landlords when they can be potentially paying a mortgage and owning a home of their own.
For example, if you were to purchase a condo unit for $350,000 with 5% or $17,500 as your down payment, you would require a mortgage loan of $332,500. With a mortgage of $332,500, you would be looking at a monthly payment of approximately $1,416 based on an interest rate of approximately 3.10% amortized over 30 years.
If the above mortgage calculation is about the same amount as your current monthly rent payment, you must be asking yourself why you are still renting when you can potentially own. Still not convinced?
Call today and we can review your options to owning your own home and making your dream home a reality!
Nels Agerbo 604.767.9534