The Economy Today Frankly Is Terrible Essay

811 Words Aug 20th, 2014 4 Pages
The economy today frankly is terrible. I worked at TD Bank for a year and a half while working on getting my associates degree. I left to come to Springfield, but in that time period I learned and watch the interest rates hit an all time low of 2.35% for a fixed 30 year mortgage. In that time I learned that if a person heard that was the rate ten years ago they would have waited and just have done the “rent-to-own” process. Today the rate has jumped to about 5.00% which is a significant jump but still decent in terms of interest on such a big purchase. I would advise a person or couple who is in the market to start the rent-to-own process because you pay rent and that money goes to your mortgage payment; not your landlords bank account. I would advise these people who especially have been effected with foreclosure to definitely go down this path. These people have had their homes taken away from that they loved so dearly. But if they do the rent to own you are still renting, but if you decide to purchase the home that money has been coming off the mortgage the entire time. It also is a great way to budget yourself because you get into the hang of things like paying a mortgage so you don 't go through the foreclosure experience once again. It is a great process for those who like to change their minds a lot also, because you could think you love the house but pay the bills for a couple months and realize you don 't like that fire place anymore its too much of a draft and you…

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