Current Mortgage Rates: Richmond, VA
2.875% (2.938% APR) 30yrs
2.375% (2.381% APR) 15yrs
as of 01/25/21
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Why Should You Buy a Home?

Why should you buy a home Web

Buying a home is a goal for many individuals and families. But have you ever thought about how buying a home could benefit you? For many people who are currently renting, you may wonder how buying a home could be a good option for you.

Here are the benefits of homeownership:

Build Equity

When you own a home, each mortgage payment you make will build your equity in that home. These payments may also contribute to mortgage insurance or other fees, but you will still be investing in an asset that counts toward your overall wealth. You can accumulate equity in your home in other ways, as well. If your home becomes more valuable over time (and it most likely will) your property value will increase, meaning you can sell it at a higher price point in the future. Also, if you complete home improvement projects, such as updates or additions, that value will be reflected in the value of your home and builds your equity even further.

Learn more about ways you can build equity in your home. 

Save Your Money

It may seem like a home is a major purchase, and it may be the most expensive thing that you ever buy. But when you purchase a home with a mortgage loan, you are able to repay that amount in manageable, monthly payments. These payments are often lower than what a rent payment would cost. Also, as you make payments, you will be building equity in a home that you own, not paying money to someone else with no long term return.

Stay Consistent

Most things about owning a home are fairly consistent when compared to renting. Likely, your mortgage payment will not fluctuate over time unless you refinance or choose a mortgage option that could change over time. Your insurance costs, taxes, and other payments will remain fairly stable as well. However, rent prices may fluctuate annually or even more often. You may not always rent the same space, as well.

See Tax Benefits

Property taxes, interest paid on a mortgage loan, and origination fees may be deducted on your income taxes depending on your circumstances. Saving money on taxes will save you money over time. And remember, renting will require you to pay taxes as well, but you are not paying taxes on a property that you own, so you are not building equity. 

Start Customizing

When you own a home, you can make it everything you ever wanted. Whether that means cosmetic work, like painting or changing tiles, or completing renovations, you will have more options than what you have when renting. Whether a home is a short-term investment project or you want to customize your dream house, when you invest in your home you are building your wealth.

Benefits of Ownership

When you own a home, you know that you have an investment that matters. Whether your home ownership goals are financial or you are looking for a forever home, purchasing a home can be one of the most meaningful investments.

Sometimes, it may seem like renting is the best option. When you are planning to stay somewhere for a short time or are trying to save to buy a home, renting can be beneficial. But when you are ready to learn more about your options for a mortgage, contact RatePro Mortgage or view our mortgage blog to learn about the steps you can take.

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