Written by: Fairway Mortgage Corporation
Are you tired of giving away a large portion of your salary in rent every month? Now is a great time for you to purchase a home of your own! In most areas of the United States, buying a home is cheaper than renting. Not only does a mortgage have the potential to save you money on your monthly payments, but with each mortgage payment you are building equity rather than putting money in your landlord’s pocket. Here are a few reasons you should purchase a home and stop paying rent:
Pay yourself: If you’re paying rent, the money that comes out of your bank account each month is likely going toward someone else’s mortgage. Why not purchase a home of your own and build equity by paying your own mortgage? Additionally, as real estate continues to appreciate in value across the U.S., owning your own home will allow you to benefit from that value increase.
Freedom: Want to paint the walls or change the cabinets in the kitchen? How about own a pet without paying pet fees? When you own your own home, you have the freedom to make the place your own without the fear of losing your security deposit or paying hefty fees.
Lower down payments: One of the biggest reasons people shy away from purchasing a home is the fear that they will not be able to afford it. Many people believe that a 20% down payment is required to purchase a home, but many programs allow homebuyers to use a lower down payment that makes purchasing a home simple and affordable.
Tax benefits: When you own a home, you experience tax benefits that renters do not, because a portion of the mortgage interest and property tax paid is deductible.
Click here to see how rent prices are increasing across the country.
Don’t let your goal of owning a home slip away to another year of renting. I want to help you build equity and set you up for a great financial future. Call me today; I would love to discuss a home loan program that will be great for you.