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Marios Lazarou


Monday, November 21, 2011 - Article by: Marios Lazarou - Lyons Mortgage Services, Inc. - Message

A home of your own provides you with the flexibility of adapting your living space to your individual tastes and needs. Whether you are ready to raise a family, or want to settle down within the community, owning a home is your best option.

1. Financial Incentives
Owning a home has been proven to be the most effective and secure way in which people in the United States have built wealth throughout the years.

2. Scheduled Savings
When you buy a house, your monthly mortgage payments serve as a type of scheduled savings plan. Over time you gradually accumulate what lenders call "equity," an ownership interest in the property that you can often borrow against or convert into cash by selling the house. In contrast, renters must continue paying rent to a landlord for as long as they rent, without the opportunity to build up equity.

3. Stable Housing Costs
While rents typically increase year after year, the principal and interest portions of "fixed-rate" mortgage payments remain unchanged throughout the entire repayment period, which could be anywhere from 10 to 30 years. In fact, because of the effect of inflation, this means that over the years you pay the same amount but with "cheaper" dollars

4. Increased Value
Houses may increase in value or "appreciate" over time. In fact this has been the norm rather than the exception in most areas, making a house one of the safest and most rewarding investments a person can make.

5. Tax Benefits
Homeowners get significant tax breaks that are not available to renters. Interest paid on a home mortgage is usually deductible. This alone can save you a substantial amount each year in federal income taxes.

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