Eugene Mortgage News

The Advantages of Home-ownership

February 9th, 2018 1:40 PM by Mike Herborn

Buying a home and laying down roots is the American dream for many people. For others, it may be a terrifying thought due to the responsibility and obligations that come along with it. Purchasing a home is one of the biggest financial decisions that you will ever make but one which will come with many rewards. Here are some of the greatest advantages that drive many renters to home-ownership

You Gain Equity

Every month when you pay your mortgage payment, you are paying down your loan balance and increasing your equity. Your home equity can also raise when the market value of your house increases. Home equity is typically a homeowner’s most treasured asset as it can be very valuable in the future to pay for financial needs such as home improvements, medical expenses, or education.

You Enjoy Tax Deductions

Your rent payment is not tax deductible. The interest portion of your mortgage payment could be tax deductible*. Owning your home can reduce the amount you pay in income taxes each year and in turn put more money back in your pocket.

*Consult your tax advisor.

You Have Privacy

If you live in an apartment you share the walls, ceiling and floors with your neighbors. In a single-family home, you have privacy and your own space.

You Have a Fixed Payment

Your rent payment almost always increases when your lease is renewed. If you get a fixed-rate mortgage, your mortgage payments will never go up.

You Take Pride

If you live in an apartment or rent a house, you can feel like you only have a place to stay. When you own your home, you get the pride of home-ownership.

You Can Make Your House A Home

When you own a house, you have the freedom to make the living environment what you desire. You can have pets or make the changes that you want to without a landlord’s approval.

We know that buying a home is big decision and will bring forth many questions. If you are considering buying a house and have questions, just give us a call at 541-683-3300! We would love to educate you and help you make the best possible decision for what is most important, you!


Posted in:General
Posted by Mike Herborn on February 9th, 2018 1:40 PM