 |
| HELOC |
4.75% |
| HELOC - 5yr Fixed |
5.75% |
| HELOC - Fixed Term |
4.75% |
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Advantages
of owning a home
Home ownership is about
security, comfort, and fulfilling the American dream. The sense of community
that comes with putting down roots in a place of your own, the security
of owning the roof over your head, the opportunity for financial growth--all
these accompany the choice to become a homeowner.
Buying a home is also the single largest investment most people ever make.
Along with all the benefits of home ownership comes the responsibility to
manage that investment wisely.
The
Benefits of Home ownership
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- Start
building wealth:
Making a mortgage payment every month builds up your equity stake
in your home, contributing to your long-term savings and helping
you solidify your financial future.
- Reduce
your tax burden: The interest you pay on your mortgage
is usually tax-deductible, which can lead to significant tax savings--especially
in the early years of the mortgage term when most of your monthly
payments go toward interest. Make sure you consult your tax advisor
about the deductibility of interest.
- Build your
credit history: Timely mortgage payments can contribute
to a positive credit history.
- Eliminate
landlord hassles: You'll no longer have to fear non-renewed
leases and rent increases.
- Make
the house your own: Aside from zoning rules, Homeowners
Association requirements, and local building codes, you'll be
free to decorate, remodel and renovate as you wish.
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Responsibilities
of Home ownership
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Before deciding
to buy a home, consider the responsibilities that will accompany your
purchase. You will most likely have to make some adjustments to account
for the following:
- Additional
financial responsibility:
Whether buying is more costly than renting depends on your individual
circumstances. As a renter, some or all of your utilities may
have been paid for, but they will now be solely your responsibility.
You'll also be responsible for property taxes and homeowner's
insurance in addition to your loan.
- Maintenance
and repairs: Maintaining your property will be up to
you, not the landlord.
- Less
mobility : Unlike having a lease where you can move
with minimal notice, moving when you own a home is more complicated
since you're responsible for ensuring the mortgage gets paid.
- Depreciation:
Real estate often increases in value over time, but not always.
Owning a home means facing the risk that its value will depreciate.
Beyond the financial
benefits, the personal rewards of home ownership can be tremendous--as
long as you prepare for the responsibilities that come along with
it and choose a home and a mortgage that are well-suited to your needs.
CFCU Home Mortgage consultants can help you make the right decisions
throughout the home financing process, so contact
us today.
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Home Buying
