Rents continue to be on the rise throughout the Southern California region and it doesn’t look like they’re going down any time soon. As rents reach all-time highs with each new month that goes by, now is the perfect time for first-time homebuyers to stop playing the waiting game and start planning ahead by getting pre-approval for a home loan.
Here’s five great reasons to stop being a renter and start being a homeowner:
As an Orange County, CA 5-Star Yelp!-reviewed mortgage lender, Summit Lending is here to help you with all your home financing needs. Part of the Huntington Beach community for more than a decade, Summit Lending can be reached on Facebook or via phone at 888-451-9006
Buying Your First Home in SoCal is an Excellent Investment
Real estate has been historically proven to be perhaps the best long-term investment you can make. That’s especially true in Orange County, Los Angeles County, Ventura County, San Diego County and throughout Southern California. Owning property in SoCal is a terrific investment in you and your family’s future.
Mortgage Rates Are Too Favorable to Pass Up
Interest rates remain really low, and as a first-time or experienced home buyer in Southern California, if you act now you’ll likely be able to lock into a low interest rate loan before rates increase. There’s no guarantee that rates will remain low, so getting a low rate now can keep you reaping the financial benefits for years to come.
There’s Not As Many Rental Options As You’d Think
The rental market is more competitive than ever, which means that securing the apartment you want may prove challenging. With mortgage loans available at top-reviewed Summit Lending in Orange County with very little down payments required for approved borrowers, owning your own home in SoCal might just be more affordable than you’d think.
Owning a Home in SoCal Will Ease Your Tax Burden
When renting, you don’t get many, if any tax breaks. However, when you finally become a homeowner, you can save on your tax bill and put the extra money toward your long-term financial goals.
Renting is Burning Up Your Money
When you buy your first home, you start building equity, which can be used to achieve your short and long-term financial dreams. After a few years of owning a home, you can leverage your equity into buying a larger, better house, or use it for other investments. When you’re a renter, your monthly rent payments only help your landlord achieve their financial goals. And when your lease is up, the only thing you have to show for it is a hole in your savings that may have been better spent elsewhere.
From conventional fixed rate loans to Jumbo loans, VA loans and everything in between, Summit Lending can help you accomplish your financial goals through real estate.