When considering the purchase of a home in Altadena, California, at a price point of $1,188,000, it's essential to weigh the benefits of buying versus renting, especially when factoring in long-term financial outcomes. With an estimated interest rate of 6.25%, an APR of 6.397%, and 95% conventional financing, the decision becomes more intricate. Let’s explore how this choice could play out over the next nine years, including the forecasted appreciation of 5.54% per year in Altadena.
While the monthly expenses of owning a home in Altadena might seem steep compared to renting, the long-term financial benefits are substantial. With the appreciation rate at 5.54% annually, the equity you build through homeownership can significantly enhance your financial future. Renting may offer short-term savings, but buying in a growing market like Altadena provides a solid foundation for long-term wealth.
As your mortgage loan officer, I am here to guide you through this decision, ensuring you understand the financial implications and opportunities that come with owning a home. Let's work together to make the most informed and beneficial choice for your future.
David Delgado
NMLS# 349079 • Freedom Choice Lending
Office: (562) 281-6163
Click Here To schedule a 15 minute loan consultation
The terms are based on 6.379% APR.
Tell us what you're looking for so we can match you with the perfect mortgage
We'll search for the top rates from our network of lenders in your area
Your lender will contact you shortly so you get more info or lock in your rate
We offer a wide range of home purchase and refinance options designed to meet your personal needs.
Let us show you how