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Homeownership is a big part of the American Dream. By owning a home, not only will you have your very own place to call yours, but you’ll also be setting yourself up to build wealth over time. With house appreciation and regular mortgage payments, you can see your home equity increase over the long haul.
If you choose to sell in the future, you’ll earn a handsome profit from the proceeds of the sale. You can also tap into your home equity in the form of a home equity loan to be put towards a large expense, including a renovation, college tuition, major vacation, medical procedure, or anything else you see fit.
Most Americans have a goal of one day owning a home and transitioning from “renter” to “homeowner.” More specifically, 87% of people say owning a home is important for “the good life.”
Compared to renting, 89% believe homeownership provides “a good place to raise your family.” You can plant roots wherever you please without having to worry about your landlord requiring you to vacate the premises at any time once your lease ends. As an owner, you can give yourself and your family more stability.
Further, 90% note that owning a home “gives a sense of privacy and security.” You won’t have your landlord visiting the property for whatever reason, nor will you have to answer to anyone when it comes to how you choose to use your property.
There’s so much more freedom and flexibility that comes with home ownership over renting.
In many cases, you may also find that owning a home may be more affordable compared to renting. These days, rent is extremely expensive. And while home prices are expensive and on the rise, your mortgage payments can be lower than rent payments if you approach with a sound strategy.
With a 30-year fixed-rate mortgage, you can pay off your mortgage over a long period of time and stretch your payments out, thereby reducing your monthly mortgage. And with mortgage interest rates as low as they are right now, today is the perfect time to take out a home loan and make a home purchase.
Let’s use an example to illustrate. In Washington State, the current average home price is $497,180. With a 20% down payment and a mortgage interest rate of 2.94% (the current rate as of May 2021), your monthly mortgage payments on a 30-year fixed-rate mortgage will cost you $1,660.25 per month.
Compare that to the average monthly rent in the Evergreen State of $1,995. You could be spending a couple of hundred dollars less each month, leaving you with more money to spend or invest.
If you’ve got your heart set on homeownership, let’s connect to make your dream a reality.
If you need the assistance of an experienced mortgage professional, Sammamish Mortgage can help. We are a local, family-owned company based in Bellevue, Washington. We serve the entire state, as well as the broader Pacific Northwest region that includes Washington, Colorado, and Oregon. We offer a wide variety of mortgage programs and products with flexible qualification criteria, and have been doing so since 1992. Please contact us if you have mortgage-related questions.
There are more than a few ways that buying a home builds wealth and thus is one of the best ways for you to invest in your financial future.
S&P Case-Shiller Home Price Indices reported the fastest pace of U.S home price growth since 2005.