Homeownership can be an exciting time for new buyers! It can also be intimidating. Don’t be deterred! The benefits of owning your home are many and our expert loan officers are here to guide you every step of the way.

What are 5 Benefits of Homeownership?

  1. Owning a home and having a mortgage enables you to have a consistent monthly payment without the possibility of rising rent.
  2. Each monthly payment you make towards your mortgage earns you equity. As you make mortgage payments, your loan balance will decrease, and your equity will increase.

    For example: if you rent, you increase your landlord’s equity instead of building it in your home. Earned equity can be converted to cash for home improvements, consolidating high-interest rate credit card debt, covering the cost of education, or purchasing a second property.
  3. Home values usually appreciate, contributing to personal wealth upon resale or through rental income.
  4. Homeowners can enjoy tax deductions, including property taxes and mortgage interest payments.

    Eligible deductions cover mortgage points, insurance, home office expenses, and real estate taxes.
  5. Homeownership builds generational wealth, serving as both an investment and a residence. Each payment acts as savings, enhancing equity and leaving behind a valuable asset for descendants.

For further information on home buying, contact one of our licensed loan officers in your area today!