Are you ready to enjoy the independence of owning your own home? Here are some of the benefits you can look forward to as a homeowner.
You can build equity over time
Equity is the difference between how much your home is worth and how much you owe on your mortgage. As a homeowner, you’ll build equity as you pay down your loan principal and the value of your property increases (also known as appreciation).
Home equity contributes to your financial stability and provides an option when you need access to funds. You can use equity to finance home improvements, and when you sell your home, the net proceeds can be used as a down payment for your next home.
Your monthly payments can be stable for long periods of time
Monthly rent payments increase over time, but a fixed rate mortgage will give you a fixed payment for the term of the mortgage. This steady payment will allow you to make better budgets and plan for the future.