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The Benefits of Home Ownership

A man writing on a notepad while holding a model of a house

Buying a house is a massive commitment, but it comes with many benefits. If you’re considering buying a home, especially if it’s your first time, consider how these benefits may impact your financial portfolio and daily life.

Building Equity in Your Home

Monthly rental payments only cover the cost of living at a residence but have no real investment in the long run. One of the biggest financial benefits of home ownership is that when you pay your monthly mortgage, you’re compounding small portions of ownership in your home.

By the end of the loan period, you’ll own the home outright and be able to reap the investment benefits with the sale of the house.

Combat Inflation

If you have a fixed-rate mortgage, the price you pay for your home won’t change when the economy fluctuates. Whereas rent will increase with inflation over time, your housing cost will always remain the same.

Adjustable-rate mortgages also come with a maximum rate, giving security for the maximum potential you’ll pay. With the rental market, that same consistency is not guaranteed.

Strong Credit History

A portion of your credit score is tied to the amount of time you’ve had certain lines of credit open. As long as you’re making your mortgage payments on time, your credit score will benefit from this line of credit. Ultimately, a good credit score can help you qualify for a better rate on loans for a car, home remodel, or other large purchases.

Control and Responsibility

It can be frustrating to have your home life dictated by a landlord. You can be limited in how you can decorate, stuck waiting on repairs, and plagued with noisy neighbors. With home ownership, you have far more freedom to make your living space truly yours. This freedom also builds a sense of responsibility and pride in your house, as well as stability and community in your area.

Partner With a Top Home Loan Lender

Buying a home is an often intimidating and confusing process, but it helps to work with a neighborhood bank that can help you through the process. Landmark National Bank is a top home lender with individualized guidance to help build a mortgage that works best for you — all at a competitive rate.

Get started at Landmark National Bank by applying for pre-qualification online, or connect with a home loan specialist near you today!

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