Three Benefits of Owning a Home
June is National Homeownership Month, which celebrates individuals and families who have had the opportunity to purchase a home and encourage those who wish to one day own the home of their dreams. At MSUFCU, we’re proud to provide financial education and support you in achieving your homeownership goals. Here are three ways you could benefit from owning a home:
Equity – As you make mortgage payments, you will build equity, increasing your net worth. Additionally, you can qualify for federal income tax deductions for paying your mortgage interest and property taxes.
Payment stability – If you opt for a fixed-rate mortgage, your monthly payments will be the same over the course of the loan. This is in contrast to renting, where payments typically increase each year.
Investment rewards – If you decide to sell your home later on, you could make a profit due to increased property values, home improvements made, and the state of the housing market at the time of sale.
Whether you’re looking to purchase your first home, or need a larger home to accommodate your growing family, MSUFCU is happy to help you every step of the way.
Now through July 31, 2017, MSUFCU will offer a 9-month introductory rate as low as 1.99% APR on a Home Equity Line-of-Credit, which gives you the flexibility to use your home’s equity to make repairs, start an emergency fund, and more. Click here for more information and to apply. You may also speak with one of our mortgage officers by scheduling an appointment at an MSUFCU branch.
To learn more about National Homeownership Month, visit the US Department of Housing and Urban Development (HUD) website. They offer many resources on buying a home, receiving rental assistance, looking for loans, purchasing insurance, and more.
Happy house hunting!