THE BENEFITS OF HOME OWNERSHIP

BENEFITS OF HOME OWNERSHIP

1 PRIDE OF OWNERSHIP As a homeowner, you have the right to paint the bathroom or change the flooring without asking permission.

STABILIZE YOUR BUDGET Rent may rise over time, while mortgage payments stay consistent throughout the duration of a fixed-rate mortgage loan.

APPRECIATION = INCREASE IN NET WORTH An increase in your property value equals an increase in your net worth.

QUALITY OF LIFE You can now put down roots in your new neighborhood! Add a personal touch to your home, get involved in the community, and enjoy the American dream! BUILT-IN SAVINGS ACCOUNT Month by month, you pay down the mortgage and increase your equity. Calculate your profit by subtracting what you still owe on your mortgage from the current value of the home. Over a lifetime, home ownership builds wealth.

Example: $475,000 - $375,000 = $100,000

TAX ADVANTAGES As a homeowner, you may be able to deduct your mortgage interest, property tax payments, and closing fees from your federal taxable income. This is a hefty deduction for many people because interest payments are often the largest part of a mortgage payment in the early years of owning a home.

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current value of home

what you owe on the home your current equity on the home

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