How much are you throwing away on monthly rent? Are you still living in your parent’s home? Are you tired of moving from apartment to apartment every time the rent goes up?
There’s never been a better time than now to becoming a homeowner in Brandon, MS. Low-interest mortgages are making home ownership more affordable than you think.
Here are the benefits of becoming a homeowner in 2021.
Becoming a Homeowner Builds Wealth
When you buy a home in Brandon, you immediately begin to build wealth. With a fixed monthly mortgage payment, you will pay that same payment over a period of 15 to 30 years.
For every month you make your mortgage payment, the home’s value rises, thus building equity. Mortgage lenders can help you figure out just how quickly you can build equity in your new home purchase. With renting, you are throwing money away.
As you build wealth, you can borrow against the equity you build up over time. With lower interest rates, it can save you money on credit card payments and other home improvement projects. Some choose to get second mortgages and buy a rental or vacation home.
When you finish paying the mortgage, the house is yours to keep. This means if you bought a house for $200,000 and sold it for $500,000 after paying the mortgage, the money is yours. That’s a handsome profit.
Some borrowers might consider jumbo loans, which allow you to buy a home outside of the conforming loan limits of your area. Jumbo loans are not for everyone but allow you to skip private mortgage insurance. You will need a larger down payment and a better credit score.
Stable Payments Over Time
Becoming a homeowner allows for stable payments over time. Mortgage lenders serving Brandon will work with you to get you the lowest possible interest rate. Don’t forget to search for mortgage lenders near you to find someone in your community to work within the process.
While the prices of things around you will go up due to inflation, including food, car payments, and college tuition, your mortgage payment will remain the same.
You might choose a cheaper property that needs a lot of work. Over time, you will likely make improvements to things like the kitchen, bathroom, or landscaping. You get a low mortgage payment, and you also increase the value of the property.
Interest rates are at some of their lowest rates ever. Talk to mortgage lenders about how you can qualify for a low interest rate.
Low interest rates allow you to pay less over time, thus saving you money in the long run. Over the life of a 30 year mortgage, the difference in the amount of money you will save will be in the thousands of dollars.
Benefits of Becoming a Homeowner in 2021
There are many benefits to becoming a homeowner in 2021, including building wealth and equity in your home, creating stable monthly payments over time, and taking advantage of low-interest mortgage rates.
Mortgage lenders serving the Brandon area like JTS & Co. can help you achieve your dream of home ownership. Let us help you today.