Mortgage 101: Five Reasons to Ditch the Rent

Mortgage 101: Ditch the Rent


Why Should Renters Consider Purchasing?

Are you tired of renting? In this weeks Mortgage 101, we are highlighting five benefits of homeownership.

1. Lower Your Monthly Payment

In many cases, borrowers find that they have been over paying for rent or rent increases have been hitting them hard in the past several years. Depending on your rent situation, buying your home may lower your monthly payment!

2. Build Your Credit Score

Did you know that owning a home can actually improve your credit score? When paid on time, Mortgages can boost your credit score by adding additional credit history and another type of credit to your credit profile. Building your credit history can be especially helpful for future purchases, such as auto and home improvement loans.

3. Potential Tax Savings

Owning a home allows homeowners to claim interest and property taxes as deductions on federal taxes and many state taxes each year. Keep in mind that closing costs and discount points may also be tax deductible. These tax deductions are especially valuable the first years of your mortgage when interest payments are larger.

4. Real Estate Investment Opportunities

As with any investment, some risk is involved. But generally speaking, home values tend to increase over time and build equity. Buying smart can increase the return on your investment, so make sure you talk to your realtor about any concerns you may have!

5. Take Control of your Living Space

Owning your home can give you the opportunity to create the living environment you have always dreamed of. Maybe you have pets, or you would like to make some improvements to your space. When you own your home you no longer need to worry about additional pet deposits and you no longer need to ask for landlord approval to make changes.

Now is a Great Time to Buy

Interest rates are still at record lows and there are many loan programs that provide flexible down payment options. We can help you! Fill out our pre-qualification form today and a representative with contact you within 24-48 hours!

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