The emotion associated with buying a home is still one of life’s greatest enjoyments. The security of owning the roof over your head is an experience that cannot be replicated. You are now a member of a community.

Take Control

The days of dealing with rent increases and cancelled leases are over. You are now free to create a home that meets your needs and tastes while building equity. Paying the mortgage every month and reducing the amount of your principal is like a forced savings plan. This allows you to grow your assets with the principal portion of your mortgage payments as your property value potentially increases.

Tax Benefits

Real estate property taxes paid on primary residences and vacation homes are deductible for income tax purposes. Homeowners can also deduct mortgage interest and real estate property taxes on their income tax returns. You should always consult a tax advisor regarding any deductibles in order to take full advantage of all homeowner tax benefits.

Build Your Credit

Your credit score is a single number that helps lenders decide how likely you are to repay your debts and plays a significant role when securing a mortgage. One of the ways you can help to create a strong credit history is by making on-time mortgage payments. With a good credit score, you can negotiate a lower interest rate on your credit card or new loan. If you have a poor credit score, lenders will lend you money at a higher rate than the one paid by someone with a better credit score.