Owning a home is a good feeling, no way around it. You never have to ask the landlord before you paint, landscape, or do any other changes to the property. Also any expenditures you make to improve the property, increase the value of an asset you own. In addition to that though, there are a number of financial perks to home ownership that are just the icing on the cake. The chart below, is designed to show you some of these perks.
I can remember my parents paying around 18% on there mortgage back in the day. Truly a dismal prospect. The interest rate you pay, has a huge difference on the amount of your monthly payment for you home. In fact, not only does it affect how much you can afford, but it may make the difference whether you can purchase or not at all. Interest rates for now, continue to be at historic lows. The chart below, provided by the California Association of Realtors, is designed to help you understand how much even a small fluctuation in interest rates will affect your payment. So do yourself a favor, and don’t wait too long to buy.