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6 Reasons to Become a Homeowner

Home prices have been on the rise for a while now and news stories abound with first-time homeowners being priced out of the market. As breaking into the housing market seems daunting today, some people may ask themselves if reaching for the goal of homeownership is truly worth it. The answer is yes! And here are the top 6 reasons why:

How To Become an Homeowner in Florida

  1. Pay Yourself, Not a Landlord. One of the most frustrating parts of renting for many people is the feeling that they could be using their monthly rent costs to invest in their own place rather than giving it away to a landlord. When you buy a home, your monthly mortgage payment is providing you with a place to live as well as investment in a valuable asset.
  2. Freedom to Customize. As a homeowner you do not have to answer to anyone when you want to hang pictures, paint, or make renovations. Unless you have HOA rules, the home is yours to do with as you please. There is a lot of freedom that comes from owning a home.
  3. Appreciation. While the housing market may go up and down over short periods of time, in the long run, home prices increase with inflation and demand. This is called price appreciation and it earns you equity. Equity is calculated as the difference between how much your home is worth and how much you still owe on your mortgage. The beauty of price appreciation is that it gives you instant equity without any effort on your part. For example, if you buy a home and hold on to it for 30 years, you may be able to then sell it for twice (or more!) what you originally paid. What’s more, if you do any updates or renovations, they can improve the value of your home and give you even more equity.
  4. Tax Deductions. There are tax benefits that come from owning a home that are not available to renters. If you itemize your deductions, you can deduct your mortgage interest, which accounts for most of your payments in the early years. You may also be able to deduct private mortgage insurance and property taxes.
  5. Access to Credit. Once you own a home and have accrued some equity, you might qualify for a home equity loan or a home equity line of credit. These are both loans that use your home as collateral, but they typically come with interest rates much lower than credit cards or personal loans. If you need access to capital in the future, owning a home can provide you with money at the best prices and terms.
  6. No Payment Surprises. As a renter, you are always subject to rent increases. Your rent can increase yearly or even more frequently. If you buy a home, especially if you use a fixed-rate mortgage, you will have a stable payment that never increases over time. Plus, owning means that no landlord can kick you out because he or she wants to sell the property. Owning gives you stability that renting cannot offer.

Apply For a Home Loan at American Mortgage Solutions

While it may take hard work and effort to save for a down payment, the benefits of homeownership can be long-lasting and liberating. Contact our Florida office at (239) 766-8344 and For the Louisville office call at (502) 327-9770 and we’ll help you finance your next home purchase.

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Copyright © 2023 | American Mortgage Solutions | NMLS: 1364/MB73346​

Licensed in: FL, KY, TN, IN, CO, TX

FL-MBR1574, TN-135166

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CONSUMERS WISHING TO FILE A COMPLAINT AGAINST A COMPANY OR A RESIDENTIAL MORTGAGE LOAN ORIGINATOR SHOULD COMPLETE AND SEND A COMPLAINT FORM TO THE TEXAS DEPARTMENT OF SAVINGS AND MORTGAGE LENDING, 2601 NORTH LAMAR, SUITE 201, AUSTIN, TEXAS 78705. COMPLAINT FORMS AND INSTRUCTIONS MAY BE OBTAINED FROM THE DEPARTMENT’S WEBSITE AT WWW.SML.TEXAS.GOV. A TOLL-FREE CONSUMER HOTLINE IS AVAILABLE AT 1-877-276-5550.

THE DEPARTMENT MAINTAINS A RECOVERY FUND TO MAKE PAYMENTS OF CERTAIN ACTUAL OUT OF POCKET DAMAGES SUSTAINED BY BORROWERS CAUSED BY ACTS OF LICENSED RESIDENTIAL MORTGAGE LOAN ORIGINATORS. A WRITTEN APPLICATION FOR REIMBURSEMENT FROM THE RECOVERY FUND MUST BE FILED WITH AND INVESTIGATED BY THE DEPARTMENT PRIOR TO THE PAYMENT OF A CLAIM. FOR MORE INFORMATION ABOUT THE RECOVERY FUND, PLEASE CONSULT THE DEPARTMENT’S WEBSITE AT WWW.SML.TEXAS.GOV.

American Mortgage Solutions follows all Equal Housing laws. As prohibited by federal law, we do not engage in business practices that discriminate on the basis of race, color, religion, national origin, sex, marital status, age, because all or part of your income may be derived from any public assistance program, or because you have, in good faith, exercised any right under the Consumer Credit Protection Act. Disclaimer: Programs subject to change without notice. All borrowers must qualify per program guidelines.

These materials are not from HUD, FHA, the USDA, or the VA. These materials were not approved by any government agency. They are independent of any government agency. We are not in any way affiliated with any organization listed or referenced within this website, including HUD/FHA/USDA/VA. The inclusion of various education, information, web links, or materials are not an endorsement of the Sender or any of its employees or business partners. For information directly from HUD/FHA, visit https://www.hud.gov/guidance For information directly from the VA, visit http://www.benefits.va.gov/HOMELOANS/ For information directly from the USDA, visit http://www.usda.gov/wps/portal/usda/usdahome?navid=GRANTS_LOANS