Would you rather have your money go to your landlord or towards your future? The answer seems simple, but why are so many Americans scared to take the plunge into homeownership? According to Forbes, homeownership remains less expensive than renting in all of the 100 largest metro areas. Recently mortgage rates and home prices have dropped, so the price advantage of owning a home is on the rise! The chart below shows the drastic advantage of owning a home rather than renting.
Owning a home entails many benefits, including multiple tax deductions such as mortgage, closing cost, and property tax deductions. Owning a home also allows you a sense of stability and security. Unlike your rent, you’re going to be locked in on your mortgage payment; your principal and interest payments on a fixed-rate mortgage never increase. You’re also allowed the freedom that renting denies you. You can remodel, customize, and paint, with endless options however you please! Also not to mention that the price of homes have been steadily increasing throughout the years. This means it will increase your equity every month!
We at Primary Residential Mortgage, Inc. are here to help you every step of the way. We will work with you to educate you on the process and to get you on the right path to owning a home. Our job is to take the fear out of making the plunge into homeownership.
Stop throwing away your hard-earned money and put it to good use!