Tropical Financial joins the millions of Americans who are observing National Homeownership Month. June marks the 21st year that the advantages of owning a residence, such as shelter, security and stability, are recognized nationwide by Realtors®, financial institutions like Tropical Financial, and the many professionals in the residential real estate industry.
Buying a home will probably be the most important financial decision of your lifetime. Before signing a purchase contract or applying for a home loan, seek advice from real estate professionals and knowledgeable mortgage officers.
Homeownership helps build communities, strengthens local economies, and so much more. Here are seven of our favorite reasons for owning a home:
• A home allows you to build equity over time as you make mortgage payments, potentially increasing your net worth.
Residential real estate has historically appreciated over time. While market conditions can fluctuate, you may receive a return on your investment when you sell your home. Cars and other personal items you pay for over time usually depreciate.
• As a homeowner, you are eligible for income tax deductions on mortgage interest, property taxes, and some closing costs. Renters have none of these financial advantages that can reduce your overall tax burden.
• If you have a fixed-rate mortgage, you are assured that your monthly payment of principal plus interest will remain constant for the 15 or 30 years of the loan. Unlike rents, which can rise dramatically when a lease is renewed, you can predict what is probably your most significant monthly expense.
• You can unlock the equity in your residence through a home equity loan or line of credit. The funds can be used to pay for a child’s education, medical bills or other necessities. Borrowing rates are usually lower than those on unsecured personal loans.
• Your home can generate income by renting a room to a tenant or offering overnight stays through online markets that connect homeowners and travelers.
• Your home is yours to enjoy. You can modify and remodel it as you wish. The changes can increase your quality of life and improve the home’s value when sold.
If you are thinking about buying a home, Tropical Financial can help. Through August 8, 2023, the credit union is offering $500 off your closing costs. For information, visit our special mortgage page where you can also learn about our Home Advantage Program.