What’s Great About Owning a Home

With the start of February, it officially becomes time to start looking for the house you want to buy this spring.  The smart move is to get pre-approved for your mortgage and then shop.  Owning your home has a lot of advantages.  Here’s what’s great about owning a home.

You Know What You Owe

When you rent, you’re at the whim of the owner of the property.  They can change your rent at any time.  When you own a home with a fixed-rate mortgage, you are sure of what you will owe every month for the next 30 years, and it all goes toward owning the home instead of making the landlord rich.

You Get An Asset

As you make your payments, your home becomes your property.  You build equity in your home as it rises in value.  Instead of worrying about what your landlord will raise your rent to, you watch the home slowly become more yours every month.  It’s the best investment that you can make and gives you something to give your children.

It’s Yours, Make It Yours

You can do whatever you want to a home that you own (within reason, your homeowner’s association may not want you to build a bar or a rocket in your backyard).  If you want a pool, or a fence, or a shed, or a bigger garage, or a man cave, you’re adding value to your property, and you don’t have to ask a landlord if it’s ok.  A Cash-Out Refinance gets you the cash out of your house to add a deck or a pool or whatever you want.

Save Some Money

After the initial layout of money, it’s generally cheaper to own a home than rent.  According to ReatlyTrac, buying is the more affordable choice in 58% of U.S. markets.  With mortgage rates down low right now, it’s the time to buy.

Tax Credits Are Like Gold

The big stuff – property taxes and mortgage insurance, for example – are tax-deductible.  The interest that you pay on your mortgage will likely be the biggest deduction that you will take off of your taxes any year, and it lets you keep your money in your pocket.

If you want to buy a new home or use a cash-out refinance to remodel an old one, call us in St. Louis at (314) 781-9700, Chicago at (773) 770-4727, Indianapolis at (317) 550-1515 or Nashville at (615) 810-8555. You can always apply online at www.thehomeloanexpert.com, and we’re also open on Saturdays to better serve you. We work hard to make it easy on you.  Nobody gets lower rates on better loans than The Home Loan Expert, Ryan Kelley, why go anywhere else?

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