Endless games of fetch. Home-grown vegetables. The potential to build equity. A place to call your own. Homeownership can give you the opportunity to enhance your lifestyle in unexpected ways. Here are some of the biggest benefits of owning a home.
Opportunity to build equity
Unlike a car or other purchases that decrease in value, a home typically increases in value over time. As you pay your mortgage each month, your debt amount goes down, while the value of your home typically continues to rise. This creates the buying and reinvestment power better known as "equity."
Stable monthly payments
A fixed-rate mortgage means you’ll have the same mortgage payment for the term of the loan, unlike rental payments that will continue to climb.
Stronger community ties
If you are constantly moving from rental to rental, you probably don't get to know your neighbors very well. Many homeowners take pride in their neighborhood and the relationships that come with being involved in their community.
Freedom to make changes
Renting doesn’t usually come with a lot of options for modifying your living space to better suit your needs. Whether it’s something as simple as painting a bedroom or complex such as a complete kitchen remodel, when you own a home you can make changes as you see fit.
As any renter can attest, sharing walls with other tenants can be annoying at best and disruptive at worst. The privacy that homeownership can offer is priceless.
These are just a few of the many benefits that come with owning a home. When you’re ready to start your homebuying journey, we’re here to answer your questions and make these benefits a reality! Contact our home loans professionals today at 833-244-9991 or visit your local branch.
All loans are subject to credit approval.
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