For many people, owning a home is the ultimate
fulfillment of the American Dream. So, what are the benefits of buying a home
versus renting one? Let’s talk about the advantages of homeownership! There are quite a few, which include:
You aren’t bound to specific rules and regulations like in a lease agreement, so you can customize
your home whenever you want! Your mortgage will be predictable and more
stable than renting if it’s based on a fixed-rate mortgage. When you pay off your mortgage loan, your
home is yours and you’ll no longer have a mortgage payment. The opportunity to build equity over time
by purchasing your own home. The interest and property tax portion of your
mortgage payment may be tax deductible.* (*Consult your tax advisor) Many people believe that renting is less expensive
than owning a home. However, it may be cheaper to pay a monthly
mortgage than paying rent. Also, a landlord can raise rent or sell the
property at any point in time. Let’s say you are paying rent each month. If you paid the same amount for the next 10
years, that money you’re spending towards rent could be put towards a mortgage payment
instead. In addition, you may think that you need to
rent because you’re unsure if you qualify for a mortgage, or you don’t have the required
down payment. However, there are a lot of unique loan programs
with flexible qualification requirements and some even provide down payment assistance. Carefully consider your financial situation
and work with your New American Funding Loan Officer to find the loan that’s right for
you. Give us a call today and see what you could
qualify for. Make a payment that counts towards your future!