Education for Buyers

Advantages of Home Ownership

Sound Investment: Buying a home is one of the best investments you can make. It's kind of like a scheduled savings plan. Each monthly payment reduces your loan balance and you build equity in your home. Equity is the difference between the value of your house and the amount you own on your loan. In other words, you are paying yourself, instead of your landlord. If properly maintained, homes typically increase in value. As your home's value increases, you build additional equity.

Stable Housing Cost: While rent payments generally increase year after year, your monthly house payments will stay the same on most mortgage loans for the term of the loan. This enables you to better budget and plan for the future.

Tax Benefits: Most homeowners realize significant tax benefits from owning a home. Your mortgage interest and real estate taxes are deductible and therefore may reduce the amount of income tax you will owe.

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