Buying a home typically isn’t a stress-free, relaxing process. Buyers need to muster up a down payment, secure financing, and fill out mountains of paperwork—as well as have their offers accepted. And of course, they need to find the home of their dreams in the first place. But that last part may get a little easier soon.
In my last commentary, I wrote about the misleading math behind the rent vs. buy calculation. My main point was that focusing on the direct, total monthly costs of renting vs. buying misses the important fact that a significant portion of every mortgage payment goes toward the principal balance, building equity for the homeowner.
That principal payment is really a forced savings program which grows over time. And that’s a key reason why homeowners on average have much more accumulated wealth than renters.
Creative, modern minds demand something other than cookie-cutter tract homes. And with so many creative types in Southern California, there has to be a buyer who desires to be truly different.
Artist and designer Mario Romano is looking for a creative soul to buy into his distinctive vision. Romano’s been busy disrupting architectural norms in Venice, CA, and creating one-of-a-kind homes.
Need a mortgage to buy a home? Oh course you do! So you’ll want to consider carefully which type of mortgage is right for you. That’s right, you have options! And it’s important to choose a home loan that best suits your financial circumstances, because it can save you major money and make sure those payments will likely remain within your financial reach.