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Owning a home means more responsibilities, but with a host of rewards, including:
Investment value
Monthly mortgage payments can be comparable to rent - or even lower - and youre building equity in an investment that can increase in value. This equity can be used to get money saving home equity loans or as a down payment on your next home.
Tax-deductible interest
Rent is usually not tax-deductible, but mortgage interest (including points) on your home usually is. The mortgage interest deduction can dramatically reduce your income taxes. Visit the IRS web site at irs.gov for more information about deductibility.
Stable payments
When its time for renters leases to renew, they may be hit with steep rental rate increases. A fixed-rate mortgage can banish unwelcome dents to your budget. A fixed-adjustable mortgage has stable payments from three to seven years, but starts at a lower interest rate and monthly payment. Your monthly mortgage amount, excluding property taxes and insurance, will be the same for as long as your interest rate is fixed. As your salary increases, payments become more affordable.
Freedom to be creative
When you own a home, you can say good-bye to the stale white walls and limited storage space of most rental property. Bring on the paint, decks, customized closets ? homeownership can open up a whole new world and improve your quality of life.
If youre unsure about your job or where you want to live, renting may be the way to go. But if youre tired of the renting lifestyle and ready to accept the responsibilities of homeownership, it makes sense to buy sooner than later. Even if the mortgage payment is more than your current rent, its worth scrimping for the short term to enjoy the long-term benefits.
For more information about home loans, visit our website and learn more about financing options to purchase your first home.
About the Author: Bill Joy is a loan mortgage officer for Sunshine loan and mortgage services. Visit us at http://www.sunshinemortgageservices.com/ for loan and mortgage and services.
