The joys of homeownership often cannot be overstated. As mortgage lenders, we know just how many people want to buy a home in Utah. Especially if you are a first-time home buyer, the homebuying experience can be truly thrilling. Everyone wants to realize the American dream of homeownership! If you’re on the fence about buying a home, the mortgage lenders at Integrity First Lending have some reasons to convince you it’s the right move.
Real estate almost always appreciates in value over time, whether it is a piece of undeveloped land, a lot or a home. When you buy your own home, you’re investing in your future.
It’s no secret that rents have been skyrocketing lately. According to a recent CBS news report, the biggest hikes have been in smaller cities and towns. Every month you pay rent, the money goes in someone else’s pocket, where you never see it again. When you pay a mortgage, you’re paying for your own home. Plus, homeowners get a tax break — mortgage interest is tax-deductible.
When you buy a home, one day you will be able to sell it if you want to — likely for much more than you paid for it — and that’s something you can never do when you rent.
Each month you pay your mortgage, you are adding to your home equity. You can take equity out of your home to fund purchases you may not have otherwise been able to afford, such as a new car or college tuition.
If you need a loan to start a business, you can use your home as collateral. If your business takes a few years to get off the ground and money is tight, you can get a roommate to help pay your monthly mortgage — then the rental money goes in your pocket.
After you retire, if you don’t have as much money in your 401(k) as you hoped, you can get a reverse mortgage to help you pay expenses each month.
Many studies show that homeowners are happier than renters. The reasons for this are many. The first is the satisfaction of being able to buy your own home. It’s an achievement, and it’s something to be proud of.
Being a homeowner is rewarding because it affords you both privacy and autonomy. You can hang pictures anywhere you like or paint the walls any color you want. You don’t have to hear neighbors making noise or be bothered by cooking smells. The whole place is yours to do with what you like.
Are you convinced yet? Our mortgage company wants you to be happy — we want to approve your home loan!
Promise yourself that this is the year you will stop paying rent and become a homeowner. Apply online today to prequalify and then talk to our team of mortgage lenders at Integrity First Lending about next steps.