Since the beginning of the year, home prices and mortgage rates have been constantly in the news. Many home ownership hopefuls might be thinking that they have missed the boat on buying a home that they can afford—but that’s not true! There are many reasons why buying a home makes sense, and why buying instead of renting in 2017 might be the best option for you. Check out our top 3 reasons to buy instead of rent in 2017 to help you make your best financial decisions.
A Fixed Mortgage Rate Means Your Payments Can’t Increase
If you are renting an apartment or home, you probably know the frustration of rent increases. In most markets, rents are continuing to rise and are far outpacing wages. When you purchase your home with a fixed rate mortgage like the NC Home Advantage Mortgage™, your mortgage payment can’t go up—even if your home value does! What’s better, you’ll be making payments toward something that you will eventually own outright instead of writing a check for a place that will never be yours.
Tax Deductions Can Make Owning Much More Affordable
Homeowners also enjoy substantial financial savings in the form of tax deductions that renters don’t get to enjoy. Buyers can deduct mortgage interest paid each year from their taxes, and in many cases homeowners may be able to deduct expenses and improvements on a home including energy efficient upgrades. And if you’re a first-time buyer or veteran, you may even be able to take a tax credit in addition to a deduction. If you qualify, you can save up to $2,000 per year on your federal income taxes with the help of a Mortgage Credit Certificate administered by the North Carolina Housing Finance Agency.
Mortgage Options Make Down Payments More Affordable
For many, the most difficult part about buying a home is coming up with a down payment. However, did you know that a 20% down payment is no longer required for most mortgage loans? Depending on your credit score, credit history and other factors, you could be approved for a loan with a down payment as small as 3%.
Even better, the NC Home Advantage Mortgage™ provides down payment assistance to those who qualify, so you may be able to pay no money out of pocket for your down payment or give your existing down payment a boost! Learn more about the NC Home Advantage Mortgage and see if you qualify at www.nchomeadvantagemortgage.com.