Owning a home can feel like a huge accomplishment, and for good reason. It’s a major milestone for many people and can provide you with a wide variety of benefits that can help you financially.
Homes Typically Appreciate in Value
Unlike other purchases such as a car, homes can increase in value over time. While home values can fluctuate depending on the market, they typically appreciate in value over an extended period, such as a mortgage term.
You Can Get a Tax Deduction
When you own a home, you can qualify for mortgage tax deductions on mortgage interest, mortgage insurance, and property taxes.
It Is Like a Savings Account
As you build equity in your home, you are creating a savings plan for later in life. If you ever decide to sell when your home is paid off, you will likely make more than what you originally paid since houses regularly appreciate over time.
Your Home Can Make You Cash
There are a few different ways you can cash out on your home’s equity, whether it’s through refinancing or home equity loans. These are advantages that can help you afford things like home renovations or other larger purchases.
You Have the Freedom to Make Changes
Unlike renting, which usually has strict restrictions on making changes to the property, when you own a home, you are free to make renovations. Being able to paint walls, completely redesign rooms, and make other changes that make your home unique to you. Some of these changes can even benefit your home’s value and make it worth more.
Your Monthly Payments Can Be More Stable
When you lease an apartment or home, you agree to a certain monthly payment for the length of the lease. However, when the lease ends, that monthly payment could increase. If you do not want to pay the increase, you must find somewhere else to live.
With a mortgage, your principal and interest payments remain the same every month for the term of your mortgage. While these two aspects of your mortgage remain constant, your monthly payment can still change every year based on insurance and taxes. However, you will have a general idea of what your monthly payments could look like long term.
Homeownership Helps Build Your Credit Score
Homeowners can build their credit score by making monthly mortgage payments on time. Having a good credit score can help with other future purchases, like another home, a vehicle, or can be helpful whenever you need to borrow money with a loan.
How Does Meritrust Help Make Homeownership A Reality?
Meritrust recognizes that homeownership is a dream that can be made a reality for anybody. As a local and full-service financial institution, we have the tools in place to help people be in the right place to achieve this dream.
First time homebuyer? Read about the programs we have just for you.
Discover what the Meritrust Homes Loans team can do for you.
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