Many people are questioning whether getting a mortgage in 2022 is the right thing to do. With mortgage rates on the rise, it’s understandable that homeowners are hesitant to make big decisions. Regardless of what some analysts may say, there are still many good reasons to getting a mortgage in 2022, some that may even surprise you, so let’s take a look at a few.
- Rental Costs are Constantly Increasing. Owning still makes more sense than renting. While rates may fluctuate, rent is increasing at unprecedented rate and unlike your mortgage, your rent will never contribute to the ownership of the property.
- The Market is Still Equity Friendly. Rising prices and an increased demand for housing also increases equity. Although the pace at which equity increases may vary, home prices have rebounded, showing homeowners’ properties constantly increasing in value.
- Ownership Means Customization. Face it. As a renter you are largely at the mercy of your lease. That often means you’re stuck with that teal paint that graced the baby’s room in 1985. With ownership comes the ability to change and upgrade your new home as you see fit, again, often adding to the overall value of the property.
- Mortgage Lenders are More Savvy. To combat negative speculation about increasing rates, Mortgage Lenders are more knowledgeable than ever, often having the latest news and resources to ensure that your mortgage experience is the best that they can offer.
Our lenders here at Prairie State Bank & Trust are industry leaders in service and professionalism. Contact them today for your mortgage needs!