Home Mortgage Loan Should I Rent Or Own A Home

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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