What You Need To Know About Today’s Down Payment Programs

Rent or Buy? The Real Tradeoff Most People Don’t Talk About You’ve probably asked yourself lately: Is it even worth trying to buy a home right now? It’s a question a lot of people are asking. With today’s home prices and mortgage rates, renting can feel like the easier path. In some cases, it might even seem like the only realistic option right now. And if that’s where you are, there’s nothing wrong with that. But if you’re weighing the decision, there’s one part of the conversation that doesn’t get talked about enough. It’s what each choice does for your future. What Renting Really Gets You (And What It Doesn’t) Depending on your situation, renting does have some advantages: Lower upfront costs. Less responsibility. More flexibility to move when you want. But even with those benefits, a Bank of America survey found 70% of aspiring homeowners worry about what long-term renting means for their future. And that concern comes down to one thing: you’re not building anything for your future. As Yahoo Finance explains: “Paying rent doesn't build equity. You get a place to live, but no ownership stake, no price appreciation, and no asset to leverage for future borrowing or investment .” So, while renting may feel easier, the flexibility you get comes at a cost. How Homeownership Builds Your Wealth Over Time On the other hand, owning a home is one of the most consistent ways people build wealth over time. Why? When you’re a homeowner, you gain something called equity . That’s the difference between what your home is worth and what you owe. That equity grows with every monthly payment you make. It also gets a boost as home values go up through the years – and it adds up quicker than you may think. Today, the National Association of Realtors (NAR) says the average homeowner’s net worth is 43X greater than that of a renter: The dollars in the visual don’t lie. On average, here’s how net worth compares: Homeowners: $430k Renters: $10k And it’s not because homeowners make wildly different decisions day to day. It’s because over time, one path builds something, and the other doesn’t. So sure, buying comes with some upfront costs and more responsibility. But it’s basically a savings account you can live in. The Gap Is Growing Over Time And here’s something else interesting. That net worth gap between renters and homeowners has been widening over time, not shrinking. If you look back at the reports on net worth through the years, you can see the gap is growing as homeowners gain wealth and renters stay stuck in the rental trap (see graph below): Even in 2025, when home prices were moderating, homeowners still gained even more ground. And that tells you something important: When you can afford it and you’re ready for the responsibility, history shows buying is usually worth it in the long run. Because either way, you’re paying for someone’s mortgage and building someone’s net worth. When you rent, it’s your landlord’s mortgage – not yours. But when you buy? Your monthly payments help build equity. The question is: whose do you want to pay? Yours or theirs? So, Should You Buy a Home Now? The short answer is, it depends on your situation. While the long-term benefits of buying are clear, that doesn’t mean the timing is right for everyone right now. And that’s okay. You should only buy a home once you’re ready and the numbers work for you. But whether you’re looking to buy now or planning for the future, the first step is the same. You should have a quick conversation with a local real estate agent about your goals, timeline, and budget. They can help you run the numbers and see what’s realistic. You may find buying is closer than you thought. And if not, you’ll at least know exactly what it will take to get there. Because the sooner you have a plan , the sooner you can decide when it makes sense, instead of wondering if it ever will. Bottom Line Renting may feel more do-able today. But over time, it could cost you . If you want to ditch renting and start building something for your future, it starts with a simple conversation. Let’s connect, talk about your specific goals, and explore your options – so you’re ready when the time is right for you.

Wondering If You Should Still Buy a Home Right Now? Here’s What To Keep in Mind. With economic headlines, global events, and near constant talk about affordability, you may be wondering if this is the right time to move. But here’s what you need to remember. While recent events do have some impact on the housing market, they don’t take buying off the table. You just have to use a different strategy. Mortgage Rates Have Been Up Slightly – Here's Why After trending down for most of 2025, mortgage rates have been higher again for over roughly a month now. And experts say it’s a result of what's happening overseas and in the broader economy. As Mark Fleming, Chief Economist at First American, explains : “Mortgage rates have recently moved higher, driven by geopolitical uncertainty and rising energy costs that are contributing to inflation concerns.” But what does that really mean for you? Should you wait for everything to settle back down before you buy a home? The short answer is no . You don’t have to wait. Your Window To Buy Didn’t Close It’s true that a month or so ago, when rates were just shy of 6%, buying felt a bit more affordable. And now that rates are hovering around the mid-6s, monthly payment costs are higher. But zoom out for a second. Let’s say you’re taking out a loan for $500k. Even with rates in the mid 6s, you’re still saving roughly $300 on your monthly payment compared to buyers who made their purchase early last year. That means this recent increase in rates hasn’t erased the progress we’ve seen. Buying is still more affordable than it was just one year ago (see below): Sure, your monthly payment would’ve been a little less expensive a few weeks back. But hindsight is always 20/20. The goal moving forward shouldn’t be to perfectly time the market. Things change too quickly for that. Instead, the real goal is to make the best decision you can based on where things are today. And the best advice anyone can give is: brace for volatility. When It Comes To Rates, Expect the Unexpected Mortgage rates are going to continue to be move around in the weeks or months ahead as new information and economic reports come out. Try to remember, you can’t control global events or where rates go next week (or even next month). But you can control how you prepare. If you do that, it becomes less about the headlines, and more about your situation. If You Want or Need To Move, You Still Can The simple truth is, if you want or need to move, you still can. Some buyers are choosing to move forward right now because their needs haven’t changed. A growing family, a job relocation, a lifestyle shift – those things still matter. And for buyers who do decide to move forward, there are ways to make it work. For example, you could explore options like adjustable-rate mortgages (ARMs) to get a lower rate upfront. That may or may not be the right fit for you, but it highlights an important point: there are strategies that can help you move, even now. What matters most is having a plan. And working with the right agent and lender is a big part of that. With expert help, you’ll: Understand your budget and what the math looks like at today's rates. Explore your financing options, including ARMs and assistance programs. Have trusted guidance from experts who'll keep you up to date throughout the process. Bottom Line Even though there’s some uncertainty, that doesn’t mean you’re out of options. If you need to move, you still can. Let’s connect so we can explore all your options and make your move happen.