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!Get Started Today
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.
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.
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:
You’ll have to provide the following documentation, along with additional information about yourself and your finances:
With many mortgage loans, you’ll have the option of a fixed or an adjustable rate:
With low inventory and interest rates, and home sales occurring at a record pace, it’s even more important for potential buyers to understand the home financing process, such as mortgage options, qualifications, down payment percentages, and other elements.Read More
When considering a rehab mortgage, it’s important to examine the various types and specific requirements, benefits, and drawbacks of each.Read More
Home equity and mortgage loans can both be used toward home purchases repairs, improvements and other upgrades, but each financing type differs in requirements, benefits, tax deductions, and repayment terms.Read More
When considering a home purchase on Long Island, it’s best to have your information and requirements updated and ready, such as financial statements and tax returns, mortgage pre-approval and commitment letters, neighborhood and realtor preferences, and more.Read More