Other Links

• Login
• Contact Us

WHY SHOULD I BUY?

Fewer Restrictions: The house is yours. You can paint the walls whatever color makes you happy and hang as many pictures as you want. Have a dog or a cat or six of each. There’s a freedom in owning your own home that no rental will ever give you.

Being Part of a Community: Staying in one neighborhood for several years leads to lasting friendships. Children grow up with a feeling of belonging and security that goes with seeing the same familiar faces in their classrooms. You are more inclined to become involved in community affairs because it truly is your community.

Planned Expenses: Unlike rentals, with a fixed rate mortgage you know what your housing costs will be. (Your insurance and property taxes will go up, of course.)

Tax Benefits: You are allowed to deduct mortgage interest and property tax payments (and in your first year, some of your costs of purchasing the home)

Building equity in your home is like having a savings plan with the money deducted from your pay before you ever see it or miss it. When you sell you can usually take $250,000 ($500,000 for a married couple) as a capital gain without owing federal income tax on the gain.

Building Equity: Money spent on your mortgage builds owner equity interest in your home. The more equity you have in your home, the more you’ll get back when the time comes to move. Money spent on rent goes into the landlord’s bank account and is never seen again.

Increasing Value: National home prices increased an average of over 5% annually between the years 1998 and 2002. Although there are no guarantees that a home will appreciate, the typical unrealized gain in a home is approximately $50,000.

To help you decide whether buying or renting is right for you, visit the Ginnie Mae website at: http://www.ginniemae.gov and click on their Rent vs. Buy calculator.