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Guest Blog Content from Julie Hadges, Summit Mortgage.
You might assume that owning is much more expensive than renting. In truth, the current low home prices in conjunction with the benefits of home ownership can help you save money annually and over the long-term. Here are just a few reasons to consider becoming a first time home buyer:
Equity - Equity is created in two ways. First, appreciation. If you buy a home and the value increases (which is likely), the difference in the value over time becomes equity. Second, is principle reduction. When you make your payment each month, the balance of the mortgage goes down. When you sell the home, the difference between what you owe on the home and what it sells for is called equity.
Stability - While a landlord can increase rent, a mortgage payment does not change unless the owners voluntarily refinance, or unless there are changes to property taxes or insurance premiums.
Tax Breaks - Home owners may receive a myriad of tax deductions that renters do not. The interest within your monthly mortgage payment, as well as, your property taxes is almost always tax-deductible.
Purchasing a home can be a daunting task for a first time buyer, but I'm here to help. Give me a call and let me put my knowledge and expertise to work for you.
Julie Hadges
Sales Development
Summit Mortgage Corporation
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P: 952.224.2060 | C: 612.590.1879 | F: 952.224.2065
jhadges@summit-mortgage.com | www.MortgagesDiversified.net