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Benefits of Homeownership

Here’s a look at five big benefits of homeownership.

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The Lowdown on the Benefits of Homeownership…

Renting vs Buying With shadow1

You have payment stability.

Homeowners no longer have to worry about a landlord hiking the rent next year or the year after. With a fixed-rate mortgage, your principal and interest payment won’t change during the term of your loan. For many buyers, that’s 30 years of stability.

Your property can build equity.

 You own a little more of your home with every mortgage payment you make. That ownership stake is known as equity. Over time, you can look to leverage that equity, either by borrowing against it or by hopefully realizing a solid return when it comes time to sell. Homeownership can be a great financial investment depending on your specific goals and situation.

You’re free to change décor and landscaping.

Is your daughter in desperate need of bubblegum-pink walls? Want to start a backyard garden? Homeowners have the freedom to alter a space without a landlord’s approval. That personal touch can help make a house a home.

Your credit can improve with homeownership.

Owning a home can also unlock future credit opportunities. Banks and credit card issuers can favor those who own a home, which is why it’s common to see “Do you rent or own a home?” on credit and loan applications. Securing a home loan is no small feat. Making your payments on time can help boost your credit score and show other creditors out there that you’re a good bet.

You can accrue tax advantages through homeownership.

You may be able to receive a tax deduction for your property taxes, mortgage insurance expenses and other costs associated with homeownership. It’s always best to consult with a tax professional.

Why Should I Buy?

Buy and begin building equity in your own home. Rates are at an all-time low, and we are confident there is a mortgage program that is perfect for you. The benefits are endless!

You can’t build equity in an apartment or rental property, but by owning your home you can!

Your rent payment is not tax deductible. By being a homeowner, the interest portion of your mortgage payment could be tax deductible.

Your rent usually increases when your lease is renewed, but with a fixed-rate mortgage, the principle & interest payments never go up.

In addition to deducting mortgage interest, you may also be eligible to deduct costs paid at closing. As part of owning a home versus renting, you may be eligible for tax credits for improvements and other tax incentives. *Please consult your tax advisor.

KNOW YOUR BUYING POWER!

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