A place to call “home”. An investment. Putting roots down. The interest tax write off. Consistency. A place to raise children and/or create memories. A place of your own. Freedom in decorating. Security. Pride of ownership.
All of the above are reasons we take on the largest debt of our lives to become homeowners. Depending on who you ask, some reasons are better than others.
In my professional opinion, having worked in mortgages for over a decade, there is one reason that is greater than all the rest. It is something we easily lose sight of as we experience the emotions of home ownership. Yet it is by far the number one reason why we should consider taking on a mortgage and purchasing a home.
The number one reason to get a mortgage is this: no more housing expense.
Think about what your monthly budget or expenses would be like without a rent or mortgage payment. What would you do with those extra hundreds or thousands of dollars monthly? You could live comfortably, retire early, give more, work less, and much more!
If you choose to rent your whole life your budget will always have a housing expense. If you take on a mortgage, and pay it off, you can eventually be freed of a housing expense! AMAZING!
Here is the bottom line—when you obtain a mortgage, keep the end in sight.
Make sure you have a plan to not only repay, but to pay off. Choose the term of your mortgage wisely. Especially when refinancing after having paid on a mortgage for a few years. And while you pay that mortgage and realize homeownership, place this number one reason at the front of your mind: No More Housing Expense.