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Home Mortgage Loan - Should I Rent Or Own A Home
Owning a home means more responsibilities, but with a host of rewards, including:
Investment value
Monthly mortgage payments can be comparable to rent - or even lower - and you're building equity in an investment that can increase in value. This equity can be used to get money saving home equity loans or as a down payment on your next home.
Tax-deductible interest
Rent is usually not tax-deductible, but mortgage interest (including points) on your home usually is. The mortgage interest deduction can dramatically reduce your income taxes. Visit the IRS web site at irs.gov for more information about deductibility.
Stable payments
When it's time for renter's leases to renew, they may be hit with steep rental rate increases. A fixed-rate mortgage can banish unwelcome dents to your budget. A fixed-adjustable mortgage has stable payments from three to seven years, but starts at a lower interest rate and monthly payment. Your monthly mortgage amount, excluding property taxes and insurance, will be the same for as long as your interest rate is fixed. As your salary increases, payments become more affordable.
Freedom to be creative
When you own a home, you can say good-bye to the stale white walls and limited storage space of most rental property. Bring on the paint, decks, customized closets … homeownership can open up a whole new world and improve your quality of life.
If you're unsure about your job or where you want to live, renting may be the way to go. But if you're tired of the renting lifestyle and ready to accept the responsibilities of homeownership, it makes sense to buy sooner than later. Even if the mortgage payment is more than your current rent, it's worth scrimping for the short term to enjoy the long-term benefits.
For more information about home loans, visit our website and learn more about financing options to purchase your first home.
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DID YOU KNOW?
- Most any large city has a number of small shops offering payday loans. They’re often found in strip centers; sometimes they double as pawn shops. They have a simple business – they lend you money until your next paycheck. The system is pretty convenient; you write them a postdated check for the amount you’re borrowing plus interest. On your next payday, they cash the check and your loan is paid off. What many people who use payday loan services fail to realize is that the interest rates charged by these firms are substantial, often reaching the equivalent of four hundred percent per year!
- To get a secured loan it can take time for loan approval, as the property will be inspected and appraised. Unsecured loans such as credit cards are usually faster to acquire, however the loan approval time may include a credit check. A credit check involves a lender getting a copy of your credit report to inspect your credit history.
- Credit card balance transfers
- All kind of loan – educational loans, auto loans, secured loans, unsecured loans, personal loans and any kind of loans – can be consolidated under debt consolidation mortgage. It is highly appropriate to adopt debt consolidation mortgage if you have numerous debts. However, a prudent step will be to understand debt consolidation if you actually want to apply for it. Debt consolidation mortgage has the capability to be turned in a way so as to allow maximum monetary benefits. Yet, one little error with debt consolidation mortgage and your situation will be back to square one.
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