The majority of Americans in this country own a home, but should you? That’s a question that everyone must ask themselves as they consider
their first home purchase. There is no single answer for everyone - it depends on your special situation.
As you can see from the chart, when you pay rent, it does very little to build your net worth - you are actually helping your landlord build his
wealth! In addition, you have no control over rent increases or the whim of a landlord. When you own a home, you have the option of locking in your
monthly payment for 15 or 30 years, making it much easier to plan a budget.
However, the truth is that homes can be expensive to own and maintain. You simply may not be able to afford the cost of owning a home: property
taxes, homeowner’s insurance, private mortgage insurance (PMI) for those with less than a 20% down payment, and annual maintenance costs and repairs.
The bottom line? As a long-term investment, buying a home has proven to improve your financial situation.
Flexibility and Freedom: Both renting and owning give you flexibility and freedom, but in completely different ways. Owning a
property gives you the right to make changes to your home, including decorating, landscaping, and remodeling. As a renter, you are very
limited in what you can do - after all, it’s not your home! On the flip side, when you rent, it’s easy to move without the worry of selling.
You are not tied to a home or a mortgage.
*Please consult with a tax advisor for your specific situation.
For more information, please click here to find a loan officer near you.
You can even Apply Online For Your Mortgage today!