Congrats! You've made it through the homebuying process. Now it's time to enjoy the benefits of homeownership.
Owning a home comes with responsibilities, but it also comes with a lot of freedom, as Nicole mentioned. Here are just some of the additional opportunities you can now experience as a homeowner:
- You can take pride of ownership. You'll have a place that is uniquely "yours" that you can customize – from paint colors to major remodeling projects.
- Your monthly payments will remain stable with a fixed-rate mortgage. Fixed-rate mortgages offer you monthly principal and interest payments that will stay the same for the entire period of the loan. This will make it easier to plan and budget – whereas monthly rent payments may rise over time.
- You have the opportunity to create equity and enjoy stability. Owning your own home may be a great way to build equity by paying down your mortgage over time and through the home's appreciation – providing stability and security for you and your family.
We hope you enjoyed our Spring Homebuying Blog series! Check back to test your knowledge in our upcoming quiz and visit My Home by Freddie Mac® for more information.