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Why Do We Buy Homes?

August 5, 2013

Everyone Deserves to Be a Home Owner!


Buying a home is an “investment” and it builds your personal net worth over time.  If you stay a renter, you are only helping your landlord’s retirement plan – not yours.  When you finally plunge into the home ownership game you can receive tax breaks for the cost of your mortgage loan interest, property taxes and private mortgage insurance along with depreciation if you use the home for your business. That equals more money back at the end of the year.  It is like giving yourself a raise that your employer won’t.

The value of your home may appreciate over the years as you improve living spaces and modernize home appliances. You will be paying off the mortgage and accrue additional equity. If you decide to rent out your home, you can receive rental income while someone else covers the cost.  You may decide to take the equity from your first home to buy another home to live in and then have double the benefits.  Keep in mind to find homes that are near schools, stores and freeways which are always higher in demand.

Over time if you build debt, refinancing can be an alternative than carrying high interest rate cards that can be as high as 25%.  When you are making just the minimum payment it can take your several years to pay off.  When you refinance that debt into a mortgage loan it then becomes tax deductible.  Of course it is best not to accrue credit card debt, but under certain circumstances we are left with no choice.  If your interest rate on your 1st mortgage is low and you want a 2nd mortgage it may be tough to qualify.  Many lenders have steered away from offering 2nd mortgages.  If you have equity, you may need to do a cash out for your children’s college tuition, weddings, retirement, etc. Owning your home free and clear into retirement is the ultimate goal.  No one wants to continue to pay a mortgage payment with just social security income coming in.  At that time, you could sell and downsize, move into a retirement home, do a reverse mortgage or continue to live in your home comfortably.

Finally, you’ll enjoy having something that’s all yours complete with your own personal style and conveniences.  There are social benefits for your family and it also gives your family a sense of stability and security.

If that’s not convincing enough, take a look at these other reasons to buy instead of rent.

Thank you for choosing Platinum for your mortgage News and Facts! If you are currently in need of a loan, we have the educated staff you need to see you through the loan process! PMC also offers free credit enhancement prior to submitting your loan to the bank to ensure you get the best rate possible.  Even 20 points could be .25% better in rate, which equals thousands of dollars on the life of a mortgage loan.

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