The Financial Fortune That Comes With Owning a Home!
The past should teach us that buying a property is a great investment in your future financial stability. Part of being free is being able to put aside money so you can do the things you want to do in life, and the sooner you achieve this, the more likely you are to be able to do so.
Let's take a look at some of the ways that home ownership might lead to financial success:
Most homes increase in value over time.
There is no way to predict whether the value of your new home will rise, but the odds are in your favor. According to the Federal Housing Finance Agency's House Price Index, home prices have climbed by 3.6% on average during the last twenty-seven years. For example, if you invested $200,000 on a house in 1991, it could be worth around $350,000 now. This increase in value contributes to your equity, increasing your net worth even more than the principal you would have paid down had you kept up with your mortgage payments during that time.
Buying a home is a good method of pushing yourself to save money.
Experts say that the best way to be financially independent is to have a savings cushion, but most people don't do a good job of putting money away each month. Making a monthly mortgage payment could be a good way for a homeowner to save money every month. If you have a mortgage and make payments on the principal, you will increase your total value because the loan balance will go down.
Your mortgage payment can be fixed, but your rent can fluctuate.
Renters are at the mercy of the market, which typically results in annual increases. However, mortgage rates can be locked in at the beginning, guaranteeing a consistent monthly housing expense throughout the loan's duration. Because of this, you'll be able to reduce your outgoings and redirect more funds toward wealth-creating activities, such as saving, investing, or expanding your business.
The Bottom Line
Owning a home is a must if you wish to be independent financially. As a long-term investment, purchasing a home is among the most intelligent decisions you can make. Innovative Mortgage Tech wants to guide you throughout the process. Give Us A Call (281) 842-3842 to get started!
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First things first. Your specific monthly payment would be based on exactly how much you borrow to buy your $1 million property, as well as the interest rate and term for your loan. You'd have to take out a jumbo loan to buy a $1 million home. A jumbo loan exceeds the limits set by government-sponsored agencies, while regular, conforming loans do not. Jumbo loans can be harder to qualify for than conforming loans. And the jumbo mortgage rates are often higher. Plus, most jumbo lenders require at least a 20% down payment. So if you bought a $1 million home, you'd probably take out a mortgage for around $800,000 and put at least $200,000 down. It could take a long time to come up with such a large down payment. Let's assume you have your $200,000 down payment and you qualify for a jumbo loan for the remaining $800,000. You're ready to buy your million-dollar place. You'd need to get a personalized rate quote, as different borrowers qualify for different rates. But these examples can give you a good idea of what you'd end up paying per month. Don't forget, your mortgage principal and interest aren't the only payments you need to make. You'll have to pay taxes and insurance too. These can vary dramatically depending on where you live. Here are some approximate monthly payments for a 30 year amortization. . . . #mortgage #MortgageBroker #mortgages #mortgagebrokers #MortgageLoans #mortgagelife #mortgagelender #mortgagebanker #mortgagerates #mortgagepro #MortgageAgent #MortgageLady #mortgagelenders #mortgagebroking #mortgageexpert #mortgageloan #mortgageloanoriginator #mortgagefree #mortgagespecialist #mortgagetips #mortgageblog #mortgageadvisor #mortgagecompany #MortgageInsurance #MortgageLending #MortgageAlliance #mortgageconsultant #mortgagepayments #mortgageprofessional #mortgageadvice (at Burlington, Ontario) https://www.instagram.com/p/Cch_GLzPxnZ/?igshid=NGJjMDIxMWI=
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