First Time Homebuyers

For many Americans, purchasing a home is the keystone to financial security. Many people decide to buy a home because of the benefits associated with property ownership.

• It's a good investment.

Although property values may cycle over the short-term, owning a home for a longer period of time often results in an increase in value. The difference in how much your property is worth and what you owe is called equity. Equity can be used to pay off other debt, purchase more property, secure a loan or plan for retirement. When you sell your property the equity is yours to keep.

• The tax write-offs are huge!

Mortgage interest and property tax payments are generally deductible from your federal taxes. Depending on your income and mortgage interest/property tax payments, federal tax credits can put hundreds of dollars back into your pocket every month.
 

• Renting is a waste.

We've all heard the phrase, "when you rent, you're just paying someone else's mortgage." It's true! Owning a home, in many ways, helps you to save in the short and long term. Often times a monthly mortgage payment is cheaper than renting a comparable property. Once your rental term is over, you have nothing to show for it. When you own, you get to keep your money.