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The True Cost of Not Owning Your Home
There are great advantages to owning a home, yet many people continue to rent. The financial benefits are just some of the reasons why homeownership has been a part of the long-standing American dream. Realtor.com reported that: “Buying remains the more attractive option in the long term – that remains the American dream, and it’s true in many markets where renting has become really the shortsighted option…as people get more savings in their pockets, buying becomes the better option.” Why is owning a home financially better than renting? Here are the top 5 financial benefits of homeownership: Homeownership is a form of forced savings. Homeownership provides tax savings. Homeownership allows you to lock…
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2 Myths Holding Back Home Buyers
In a recent article, First American shared how millennials are not really any different from previous generations when it comes to the goal of homeownership; it is still a huge part of their American Dream. The piece, however, also reveals, “Saving for a down payment is one of the biggest obstacles faced by first-time home buyers. Dispelling the 20 percent down payment myth could open the path to homeownership for many more.” Myth #1: “I Need a 20% Down Payment” Buyers often overestimate how much they need to qualify for a home loan. According to the same article: “Americans still overestimate the qualifications needed to get a mortgage, resulting in qualified potential…
