Buying

Getting Started!


8 Great Reasons to Consider Home Ownership!

Why rent when you can buy? For many Americans, the ability to own a home is one of the most important advantages of living in our country. Just consider some of the benefits of home ownership:

1) Security - your home is your "castle" giving you the comfort of having your own little corner of the world. Your home is a stronghold against inflation, because if prices go up, so does the value of your home.

2) Investment - as each monthly payment is made, you own more and more of your home. Each improvement you make not only enhances the livability of your home but it adds to its investment value.

3) Tax Advantages - real estate taxes and the interest on your mortgage loan or loan contract are deducible from your income tax.

4) Cash Equity - your home mortgage dollars are actually invested in a way that will keep pace with inflation and help to keep you in a favorable economic position.

5) Financial Independence - home ownership can be a good foundation around which to build a personal financial program.

6) Credit - owning a home can help you establish financial credibility and the equity can be a source of investment funds too.

7) A Lifestyle Statement - your home and your community reflect your lifestyle and provide a sense of belonging. When you own a home, you sink roots in a community.

8) Pride And Satisfaction - your home is a source of pride, offering you privacy, freedom and independence.

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Organizing your home search!

You’re buying your first home. It’s one of the most important and exciting purchases you will ever make. Owning a home can help you build equity while reducing your income tax. This guide will provide some pointers to help you on your way to The Great American Dream. We hope this will help you understand the tax advantages of home ownership. It can help you organize your home search as you begin browsing through the housing market. Determining what features you want in your dream house and what payments you can afford are the important first steps.

It’s a good idea to obtain a copy of your credit report before you start house hunting. You may find an error that needs attention and could prevent loan approval. Credit reporting agencies are in your yellow pages. Fees may vary, but most agencies charge $10 or less for a copy of your credit report. TRW is a national credit-reporting agency that will provide one free copy per year. Call 1-800-392-1122 or 1-800-682-7654 for details. It will take approximately four weeks to receive your free copy.

Your mortgage banker may ask for copies of prior years tax returns. If you have copies of your credit reports, tax returns and bank statements organized, you’re ready to start exploring the housing market and shopping for a mortgage.

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Deciding what you want in a home!

This is a checklist to help you identify what you want in a home. Fill in one of these for each home you preview. It will help you stay clear on what you've seen, and what you like! Save the checklist image and print for later use!


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