Wednesday, May 27, 2020 / by Todd Mowry
The mortgage rates today are at historic lows, and right now is a great time to finance a property or refinance one. Now you can buy or refinance a property to get payments lower than rent.
Rent rates have increased and mortgage rates have decreased in most of the country. Here in Orlando, FL we have followed suit.
While the median rent for a 3 bedroom apartment or condo in Orlando is around 1530.00 according to RentOmeter.com, the payment for a single family home in Orlando has dropped to around 1387.00 with a standard 20% down 3.5% mortgage rate according to Rate.com (at the time of this writing).
While with a home purchase you may need to put down more upfront as far as in a down payment and closing costs…these are all going into something you will own instead of renting and making someone else rich.