It may not be on your radar, but there are important factors to consider when determining if your college student needs life insurance. While students of all ages are currently making their way to the digital and physical seats in college classrooms, higher education – particularly undergraduate college – is defined by younger attendees. Fresh […]
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.
Summit Mortgage Corporation
P: 952.224.2060 | C: 612.590.1879 | F: 952.224.2065
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