Should I Buy A Home?

Buying a home can be one of life’s most exciting and yet most challenging experiences. It is also one of the most important financial decisions you’ll ever make. You are probably already considering the prospect of owning your own home and may be wondering exactly what the benefits are. Here are some of the many benefits you may experience:

Building Equity
You build your equity with every payment made. For the first half of the mortgage, most of each payment pays off interest. However every month some part does go towards your principle. Your equity will fluctuate as the market value of your home changes. Over time though, history has shown us that building equity in a home is a smart investment.

Monthly Payments
Costs can fluctuate somewhat on a yearly basis over the first few years due to escrow adjustments. After this initial adjustment period, your payment could be fixed for the remainder of the loan assuming you opt for a fixed interest rate. 

Up-front Costs
Up-front costs are possibly the most misunderstood aspect to the home purchase and the one that keeps most people from even considering a home purchase. The perception that you must have huge down payments to purchase a home is no longer accurate in most cases today. There are many programs that require very little for down payment.

Tax advantages
One of the most advantageous aspects to home-ownership. There are significant tax advantages to home-ownership. Interest that you pay on your mortgage and property taxes are all deductible. These deductions can make a huge impact on your federal and state tax returns.

A Place to Call “Home”
You have the right to remodel and redecorate at your discretion. You own it; you can do with it what you wish.