Rising mortgage rates have scared off many prospective home buyers, but as we’ll learn today, it may still be a good time to buy a home. Marc Edelstein of Ross Mortgage joins Paula and Jon as one of their very first guests.
Yes, interest rates have risen, but home prices have fallen. Marc walks us through the math behind why your final numbers today may be similar to where they were in the past. In many ways, we are returning to more “normal” market conditions.
We also discuss the advantages of owning versus renting. Of course, each person’s situation is unique, and your circumstances may require you to be a renter at times. Marc explains why he considers paying rent to be a “100% interest rate” and why buying is a better way to accumulate wealth.
What happens if mortgage interest rates fall? Marc explains why even a 1% reduction in interest rates can be worth refinancing your home.
Producer Jon also shares his key takeaway, as he and his wife are in the market for a larger home.