To Own or Not to Own a Home: That Is the Question

The recent subprime mortgage crisis and fluctuating housing market has caused many potential and current homebuyers to rethink buying a home and investigate renting options. But don't rush to sign that apartment lease just yet. There are multiple benefits to owning a home. And with low interest rates and low housing costs, now might be the perfect time to buy the home of your dreams.

There are multiple benefits to owning a home. And with low interest rates and low housing costs, now might be the perfect time to buy the home of your dreams.

• A place to call your own. One of the reasons people decide to buy is the freedom that comes with owning your own home. Many rental properties severely limit what residents can do in their properties. Restrictions are often placed on noise levels, pets and home decorating projects, such as painting the walls or hanging pictures.
• Similar cost savings. Many renters feel they save money renting instead of buying, but that may not always be the case. With lower housing prices and annual increases in rent, you may find it more economical to buy.
• Tax benefits. When tax time comes around, most people can deduct mortgage interest and real estate taxes. See your tax advisor for deductibility in your situation.
• Building equity. One of the main complaints renters have is they feel they are throwing their money away on rent. When you own a home, you accrue equity over time through payments and appreciation.

Come to Us for All Your Mortgage Needs
Whether you're buying a home for the first time or are a current homeowner, owning a home is a big undertaking. LFCU can help with all your financial needs. Contact one of our experienced mortgage specialists today for more information about mortgage options. We can help you find a mortgage that's right for you.