Buying a home is a commitment, but so is renting.
Buying a home is a big commitment. We get it. But renting is a commitment, too—a commitment to paying more and more in housing costs each year, as inflation and growth in Central Texas drive rents higher.
In fact, Austin rents have increased every year since 2009, and they're likely to keep going up. Real estate sources report to a whooping 7.5% increase in Austin rents in 2015, and many expect 5-6% in 2016.
Let's look at an example:
- Say you currently pay $1,800 per month in rent.
- Assume a modest 3% inflation rate each year for the next five years.
- In five years, you'll be paying $2,026 per month.
Not to mention that you will have paid around $115,000 of your landlord's mortgage by then.
Why not pay your own mortgage instead? With a 30-year fixed mortgage, you lock in the principal and interest in your payment, so you don't have to worry about monthly housing costs increasing over time.
Estimate Your Payments
Use our easy online calculator to estimate your mortgage payments. They're likely to be similar to what you're currently paying in rent-without the unknown factor of future inflation.
That's what we call a good move.
Want to find out more?
Call UFCU at (512) 997-HOME (4663) or (800) 476-8409 for a free mortgage consultation. We'll help you understand your options and determine whether it's the right decision to buy.
You can also apply online now if you're ready to get the ball rolling.
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