Mortgage rates Things to consider
Your rent payments, however, are not put toward equity like they would be if they were mortgage payments. If you are in a position to purchase a property with cash and the price is reasonable in the current market, buying your home will probably trump renting. But most consumers do not buy homes with cash and opt for a home mortgage instead. There are costs involved with having a home mortgage that do not necessarily give it a strong advantage over renting. When a consumer obtains a home mortgage, the majority of the payments each month goes toward interest.