Buying a home seems like it has always been a part of “The American Dream,” but have you ever wondered why? Turns out, there are a lot more financial advantages that come with owning a home than you might have previously thought. Whether you’re one of the 59% of homeowners looking to better understand your mortgage or you’re thinking about buying your first home, here are some of the financial benefits.
Home Equity Increases Over Time
Home equity is the amount of money you can sell your home for minus the payments you still owe on it. If you’ve worked with a mortgage broker to secure your loan and organize your payment schedule, you’ll be gaining home equity every single month. And thanks to newer mortgage policies, riskier methods of payment are no longer a threat to your home equity increasing over time.
Home Ownership Increases Wealth
While the housing market crash took a toll on the number of people willing to purchase homes, it also taught a valuable lesson to many: buying homes you can actually afford is of the utmost importance. If you rack up too much debt and aren’t smart about your mortgage planning, things can take a turn for the worse. But sticking to a home that you can afford and improving upon it over time can actually help you build wealth. Not to mention a hefty amount of home equity!
Mortgages Are Tax Deductible
Whether you’ve been paying a conventional mortgage for 15 years or you’re a first time home buyer, the tax deductions of such a move can’t be ignored. And for many people, this is the biggest deduction on their taxes, as mortgage payments can easily be your biggest bills.
Any More Questions?
Planning a mortgage isn’t an easy task. If you want help from the professionals, consider contacting Stacy Schlesinger at Platinum Lending Solutions. Stacy Schlesinger is an expert in the field and has a wealth of knowledge to help you with any mortgage issues you may be having.
Don’t wait to make your dream of owning your own home come true!