South Carolina Real Estate Blog
Great Reasons to Buy a Home This YearPosted By: Tripp Davis
Category: Buying A Home | September 29, 2011 11:09:40 am
If youre like most homebuyers, youve probably listened to friends, family, and coworkers advice, many of whom are encouraging you to buy a home. However, you may still wonder if buying a home is the right thing to do. Relax! Having reservations is normal. The more you know about why you should buy a home, the less scary the entire process will appear to you. Here are some GREAT reasons why you should buy a home this year.
Pride of ownership is the number one reason why people yearn to own their own home. It means you can paint the walls any color you desire, turn up the volume on your CD player, and decorate your home according to your own taste. Home ownership also gives you and your family a sense of stability and security. Its making an investment in your future!
Property tax deductions. You can deduct the mortgage interest from your income taxes. And youll get a tax break on capital gains, when you sell. Youll only get the income tax break if you itemize your deductions.
Build equity! Each month, part of your monthly payment is applied to the principal balance of your loan, which reduces your obligation. The way amortization works, the principal portion of your principal and interest payment increases slightly every month. It is lowest on your first payment and highest on your last payment.
Mortgage rates are historically low! It's not just the price of the home that will affect affordability; mortgage terms will also affect your monthly payments. These days, rates are very attractive for conforming loans.
We at New American Mortgage understand that purchasing a home can be a very emotional time in your life and our loan officers, Tripp Davis, Erica West, and Chad Kurtz will do their best to take the worry out of your next home purchase. They are professionally trained, knowledgeable and dedicated to bringing you quality service! Call today to find out how New American Mortgage can help you become a home owner or visit newamerican.com for more information on home ownership.
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