First time home buyer

Home-ownership is by far the greatest American Dream. In fact, recent studies show that 40% of all homebuyers are first time buyers. If you’re still deciding whether home-ownership is right for you, consider the following, and when you’re ready, we’ll be here to help you make the best decision for your future.

TAX BREAKS

The U.S. Tax Code lets you deduct the interest you pay on your mortgage, property taxes, and some of the costs involved in buying your home.

GAINS

Between 1998 and 2002, national home prices increased at an annual average of 5.4 percent. While there’s no guarantee of appreciation, a 2001 study by the National Association Of Realtors Ò found that a typical homeowner has approximately $50,000 of unrealized gain in a home.

EQUITY

Money paid for rent is money you’ll never see again, but mortgage payments let you build equity ownership interest in your home.

SAVINGS

Building equity in your home is a ready-made savings plan. And when you sell, you can generally take up to $250,000 ($500,000 for a married couple) as a gain without owing any federal income tax.

PREDICTABILITY

Unlike rent, mortgage payments don’t increase over the years, so your housing costs may actually decline as you own the home longer.

FREEDOM

The home is yours. You’ll benefit from your investment as long as you own the home. Decorate how you want!

STABILITY

Remaining in one neighborhood for several years let you participate in community activities, establish lasting friendships, and offers your children the benefit of educational continuity.

To calculate whether renting or buying is your best financial option, use this calculator courtesy of Ginnie Mae:

http://www.ginniemae.gov/rent_vs_buy/rent_vs_buy_calc.asp?Section=YPTH