})(); 4 Benefits from Choosing Home Ownership - ALCOVA Mortgage

4 Benefits from Choosing Home Ownership

View of Wilmington North Carolina from across the river

Is owning a home right for you? At one point or another, this question pops up in everyone’s mind, and it’s important to weigh your options carefully depending on your personal circumstances and finances. To help you decide if owning a home makes the most sense for you, here are some of the main reasons people choose home ownership!

Good Investment

While home prices are constantly cycling, buying and staying in your house for a long time could result in an increase in value which also means a good return on your investment. Per Zillow Research, data indicates that the median home value grew between 2016 and 2019. Price increases, however, can also be linked to inflation and not a real appreciation of the value of the house. The biggest determining factor on home appreciation is location, location, location!

Home Equity

Simply defined, home equity is the percentage of your home’s value that you own. When you subtract the amount you owe on your home loan from the total value of your house, the amount left over is your home equity. Instead of losing your rent payments to a landlord, your monthly mortgage payments allow you to invest in yourself and tap into that home equity down the road if needed. Home equity can be used to make home improvements, pay for education, pay off or consolidate higher-interest debts, use as an emergency fund, or take advantage of a smart financial investment.

Credit History

When you buy a house and consistently make your monthly loan payments on time, it demonstrates to other lenders that your risk of you defaulting on a loan is very low. This strong credit history will be helpful down the road when you apply for other loans like buying a car or making home improvements.

Your Home Your Way

Home ownership offers tremendous freedom to create the living environment that you have always wanted. You can own pets, paint rooms whatever color you like, make changes to floors and carpeting and do all the things that make a house your home – all without having to get approval from a landlord.

Are you ready to become a homeowner? Contact one of our Loan Officer today to get started on your homebuying journey!

4 Things You Should Do Before House Hunting

Once you decide to buy a home, the first thing you might want to do is to begin looking at houses online and setting up viewings. While looking at potential houses on the market is a crucial part of the process, jumping straight in could land you into trouble! Here are four things you need to check off your to-do list before you ever set foot in a home.

5 Signs It’s Time to Move!

Whether you’re running out of space, sick of your neighbors, or just ready to have the perfect home, here are some signs it’s time to make a change and move!

Do You Need Private Mortgage Insurance?

Not everyone can afford the standard 20% down payment when buying a home which means they need private mortgage insurance or PMI. So what exactly is private mortgage insurance, and how does it affect your home loan?

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Equal Housing Lender LogoALCOVA Mortgage LLC | NMLS#40508 | (www.nmlsconsumeraccess.org)
Licensed in AL, CO, FL, GA, KY, MD, NC, OH, PA, SC, TN, TX, VA, WV | 308 Market St SE, Roanoke, VA 24011

 

 

Equal Housing Lender LogoALCOVA Mortgage LLC | NMLS#40508 | (www.nmlsconsumeraccess.org)
Licensed in AL, CO, FL, GA, KY, MD, NC, OH, PA, SC, TN, TX, VA, WV | 308 Market St SE, Roanoke, VA 24011