Life is unpredictable. From illness to divorce to job loss, many factors can take a toll on your income that can leave you struggling to pay your monthly mortgage payments on time. If you have lost your job and are unable to make your monthly mortgage payments, job loss mortgage insurance can help cover those […]
Reasons why you should Get a Mortgage in Missouri
One reason why people should get a mortgage in Missouri is that Forbes Magazine ranked Missouri number 4 on its “Most Affordable Places to Live” list. If you are currently thinking about purchasing a home for the first time, you might want to check out cities that are inexpensive to live in. Another reason to get a mortgage in Missouri is the attractions. If you are thinking about having children, we have one of the “Top Ten Science Centers For Families” and “Top Ten Zoos for Kids” in the country, according to Parent’s Magazine.
The third reason you should get a mortgage in Missouri is that Forbes Magazine ranked Missouri number 8 as one of “America’s Best Housing Markets” in February 2010. The fourth reason why you should get a mortgage in Missouri is that it is ranked in the top 100 list as one of the “Best Cities to Raise a Family” by Best Life Magazine in 2008. Couples who are purchasing a house for the first time need to consider whether or not they are going to have children. They will want to find a place that meets their personal and financial needs when starting a family.
Another reason you should choose homeownership as opposed to renting is the positive effects on both the economy and an individual’s personal situation. One thing to consider is that people who own a home tend to have a higher net worth than someone who rents. This is because a home is considered an asset. Studies have shown that people who own homes are more likely to have a higher education and make more money than renters.
The fifth reason is that we live in a low interest rate environment and people lean towards making mortgage payments rather than having to deal with rent payments. One deciding factor is that it can be less expensive for your overall financial situation. Monthly payments remain fixed; however, rent payments can increase annually. People who obtain a home loan have the assurance that their payment will be the same each year, while someone who is renting could experience a rent increase up to 3%.
People don’t realize that when you buy a home it cannot only help you, but it boosts the economy as well. The home loan process can create a domino effect of cash flow for local businesses. Each time someone gets a loan, they are distributing cash to a title company, appraiser, handyman, and so forth. This transaction pumps money into the local economy, helping businesses grow.