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Basic Finance
How Credit Affects You
Preparing for Home Ownership
Steps for Buying a Home
Life as a Homeowner






 
Additional Resources
  • For more information about affordable loan programs and new home loans including Home Equity and Refinance call
Module 3
Preparing for Home Ownership
Ready for Home Ownership?
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Did You Know
  • There are both personal and financial benefits to being a homeowner.
  • Getting ready to become a homeowner takes time and effort.
  • You can still become a homeowner even if you have had problems with your credit.
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Benefits of Home Ownership

Personal BenefitsThere are both personal and financial benefits to owning your own home. Some of the advantages that appeal to people on a personal level are the ability to:
  • provide a consistent school environment for children

  • enjoy the privacy that a home brings

  • paint and decorate as you wish

  • enjoy a deck, garage or patio

  • plant a garden or flower beds

  • make lasting friendships with neighbors

  • stop moving to different locations

And best of all – you can take pride in your home! The pride you’ll feel in owning and improving your own home is an emotional value that cannot be expressed in dollars and cents.
Financial BenefitsThere are also many financial benefits to home ownership, including:

  • potential tax savings: the interest paid on your home loan is usually tax deductible (consult your tax advisor)

  • the prospect of increased home value: properties tend to increase in value over time

  • home equity growth: as the value of your home goes up, the balance on your home loan (on fully amortized loans) goes down – which builds what is called “home equity”

  • ability to use home equity: the equity in your home can be used to provide funds for education, medical expenses, home improvements and other needs

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