Owning a home is considered the American Dream by many. In addition to the feelings of pride and accomplishment, becoming a homeowner has lifelong benefits.
This Fourth of July, we're celebrating the liberties of homeownership.
Homeownership awards you new freedoms. Whether it's the ability to adopt a pet or renovate your kitchen, you have much more freedom as a homeowner. You can customize your own space without approval from landlords.
You can build equity over time. As you pay down your mortgage and through potential appreciation in your home's value, your home equity will increase. This is a great thing! Building equity helps you become more financially stable over time.
Your monthly payments can be stable. Monthly rent payments may increase over time, but a fixed-rate mortgage will ensure that you're paying the same amount each month. Steady payments allow you to budget wisely and makes plans for the future.
Owning a home may offer tax benefits. Homeowners may be able to take tax deductions on their mortgage interest and property taxes, as well as take advantage of tax credits for things like energy efficient improvements.
Owning a home can provide you with the independence you've always wanted, but it's important to remember that homeownership comes with new responsibilities. As a homeowner, you're responsible for making your monthly mortgage payments on time and maintaining your home.
For more information on buying and owning, visit MyHome by Freddie Mac®.