We are encouraging every renter we know, to break up with their landlord! You are already paying a mortgage, just not your own. With mortgage rates plummeting to a record low this week, it’s a great time to buy. A lower interest rate means lower monthly payments and more house for your money. Not to mention it’s time for tax refunds! A tax refund of $3,000 can go a long way toward a new home, especially with several loan options requiring less than 10% down. Save that refund and let’s talk about getting you into a new home this year at a great rate.
Not convinced? Let’s lay out some of the benefits to homeownership.
Monthly Housing Savings
In most areas of Tuscaloosa county right now, a mortgage payment costs less than what you are paying in rent each month. On average, a $100,000 home would cost you about $700 a month. Bump up to $200,000 and you are looking at about $1,150 a month. We are guessing that is a lower payment than the rent check you cut last week!
*Estimates are based on average interest rates and average minimum down payments. Estimated payment amounts include principal, interest, and property taxes.
Emotional Benefits for Buying a Home
- 79% believe buying a home changed them for the better
- Over 80% of homeowners said they would not go back to renting
- 88% of homeowners believed buying a home was the “best decision they ever made”
- Homeownership improves sense of family stability
*2019 survey by Bank of America
Financial Benefits for Buying a Home
Homeownership makes “cents” – from the tax benefits, to financial stability. The financial benefits of homeownership are evident year round, but particularly around tax time – when they seem to jump off the page!
- Homeownership builds wealth over time
- You build equity every month
- You reap mortgage tax deduction benefits
- Tax deductions on home equity lines
- A mortgage is like a forced savings plan
- Long term, buying is cheaper than renting
