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Becoming a homeowner is an investment in your future—but it’s also so much more than that. 

Homeownership is the ultimate American dream. From lining the walls with family pictures, to having a backyard barbecue at your leisure, the true value of home ownership is characterized by the freedom you’ll feel in seemingly ordinary occasions. Far more than renting an apartment, owning a home gives you a place to plant your roots and expand your family, while adding your own personal touch to every single aspect.

Owning a home truly makes it yours, as opposed to renting, which may simply feel like a temporary place to stay—and if you can afford to pay rent, you may be in a good position to buy a house!

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Every Mortgage Payment Builds Home Equity

What’s home equity? It’s a homeowner’s most valuable asset. Home equity is the amount of money that’s left after subtracting any unpaid debt balances from the property’s current market value. As the mortgage loan balance is paid off and the property’s value appreciates, your home equity increases. This is the portion of your property that you truly own as the homeowner.

  • Home equity is an asset that can be used later in life
  • The more equity you build, the more advantageous the asset will be
  • This means paying a mortgage is a better long-term investment than paying monthly rent
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Your Home Appreciates In Value

Purchasing a home is an investment in your future. And when you practice the normal home maintenance your property requires, the home you purchased will likely be worth more when it comes time to sell it. This daily maintenance includes lawn care, regular cleaning, and even renovations to areas like the bathroom or kitchen. 

  • Home appreciation can help you earn a profit when you sell your home
  • This helps you move into a new home or pay off any outstanding debt
  • Your home will appreciate in value, especially if you improve it over time
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Home Financing Via Government-Issued Tax Deductions

There are certain tax deductions available to homeowners that aren’t available to renters. It’s important to consult with a trusted tax advisor to learn more, but these deductions might enable you to:

  • Deduct the interest you’re required to pay on your mortgage loan
  • Deduct property taxes
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Requirements For Purchasing A Home

You’ll have to provide the following documentation, along with additional information about yourself and your finances:

  • Employment history
  • Credit score
  • Bank statements (last two months)
  • Federal income taxes (last two years)
  • W2 statements (last two years)
  • Pay Stubs
  • Social security number
  • Divorce agreement(if applicable—highlights any other financial obligations you have, such as child support or spousal maintenance)
  • Other requirements may vary

Mortgage Loan Options

With many mortgage loans, you’ll have the option of a fixed or an adjustable rate:

Fixed Rate Loans Offer Stability

    • If you prefer a consistent payment over a very long period of time with no surprises, fixed loans are the best choice for you. The peace-of-mind of a fixed-rate loan offsets what could be a slightly higher long-term payment.
    • When rates are very low, refinance from an adjustable rate loan into a fixed-rate loan to lower your monthly payment or convert the uncertainty of an adjustable rate to a reliable fixed-rate.
    • If you have a large Home Equity Loan or high interest credit cards that are not fixed, you have the option of refinancing them all into one fixed-rate loan. This can save you thousands of dollars in the long run.

Adjustable Rate Mortgage Products Offer Low Introductory Rates

    • Adjustable rate mortgage (ARM) products offer low introductory rates that are fixed from one to 10 years—after which it adjusts either annually or every six months for the life of the loan. 
    • ARM programs come with a lifetime rate cap, which means that your rate will never go above a certain level, even if rates skyrocket.
    • ARM loans are right for you if you plan to stay in the home for less than three to 10 years, when interest rates are high, as you benefit when rates begin to fall, and when you plan to take out a short-term cash/out loan.

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This website and all its contents is an advertisement from Contour Mortgage Corporation, not FHA or HUD. This content has not been approved by the Department or Government Agency. Licensed Mortgage Banker – New York State Dept of Financial Services. Contour Mortgage Corporation - Equal Opportunity Lender - NMLS # 34384
 
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