The Pros of Home Ownership

You might feel ready for home ownership but don't know how to come up with a 10 percent down payment. Instead of closing off your opportunity, there are other options to conventional loans one of which is an FHA loan. An FHA loan offers first-time home buyers an opportunity to put less money down on a property.

Questions to Help Make Sure You're Ready

Buying a house is the single largest purchase most people make in a lifetime. So, it's important that you feel comfortable with your decision It can be a confusing time if you're conflicted about taking on the responsibility.  Here are some questions to ask yourself before you start looking for homes:

  • Do I need to buy a home right now?
  • Is my income likely to go up or down?
  • Will I stay in the house long enough to reap the rewards of buying it?
  • Have I saved enough money?
  • Am I ready to take on the maintenance and care of a home?

Home Ownership Has Its Advantages

Now, let's look at some of the advantages of owning your own real estate:

  • Greater privacy.
  • Most home increase in value, so you can build a nest egg for the future.
  • Your costs are more stable than renting if based on a fixed-rate mortgage.
  • The interest and property tax is a tax deduction.
  • Homeowners typically feel a greater sense of community and get involved in neighborhood events.
  • Affordable options exist, such as applying for an FHA loan.

Next Steps

If you are interested in becoming a homeowner, you should consider taking an online homebuyer education course to learn how to prepare for homeownership and get a better understanding of the home purchase process. Then, you should discuss your financial options with a financial planner or mortgage company. After you have a number in mind, get started looking at homes.

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