All debt is not created equal.
While financial advisers almost reflexively urge consumers to avoid carrying credit card balances from month to month and to go easy on boat loans, car loans and other forms of debt, they usually make an exception for a mortgage used to buy your home.
A home mortgage is one of the very best uses of credit.
The fundamental reasoning is simple:
While you could save your money and buy clothes, cars and maybe even college tuition outright with cash, very few people could ever hope to save enough to buy a home for cash, especially during their child-rearing years when they have the greatest need.
A mortgage allows you to buy a home after having saved only a relatively small amount of its value, perhaps 5 percent or less, and to reap the financial gains as its value grows over the years.
Buy what you can afford
Choosing the right mortgage, however, can be a make-or-break decision for your overall financial picture. Just as the home is the 
greatest asset for most people, their mortgage payment is usually their biggest monthly bill, so you need to shop carefully for the right one. Home borrowers should look at all types of loans and to choose the one with specific provisions that are most closely tailored to their financial situation.
greatest asset for most people, their mortgage payment is usually their biggest monthly bill, so you need to shop carefully for the right one. Home borrowers should look at all types of loans and to choose the one with specific provisions that are most closely tailored to their financial situation.The Benefits of Home Ownership
· Good investment Home ownership is a highly leveraged investment that can yield substantial profit on a nominal front-end investment. A house offers leverage, and the possibility for appreciation in value. And, a home is an investment you can live in, even while it's working for you!
· Tax benefits, such as mortgage interest deductions The tax breaks of home ownership are substantial. Since both mortgage interest and property taxes are tax deductible, home ownership can save you significant amounts of money every year.
· Accumulation of equity Why keep throwing your money away on rent? Why not build equity with that money, instead? Renting doesn't protect you against rising housing prices. Rental units are just as susceptible as homes to increases in taxes, insurance, utilities and other costs. Landlords will pass these increases along to tenants.
· Control of housing costs You decide what to spend on your home, and when to spend it. Repairs, improvements, changes-everything is up to you, and only you. Unlike renters, homeowners who secure a fixed-rate loan can lock in their monthly housing costs, and make prudent investment plans knowing these expenses will not increase substantially.
· Opportunity to make improvements on the property No more futile daydreaming about that sundeck, or new bath, or exterior paint job. You can make any improvement on your own property that you wish, and you will be increasing your home's value in the meantime!
· Pride of ownership There's nothing like owning your own home. And don't think you have to wait to buy. You're never too young to own!
When looking to buy and/or sell, or know of anyone that is, feel free to contact us.
Gary Scott -Realtor®, GRI - - Claudia Scott -Realtor®, GRI , e-PRO
Call Toll Free at 866-464-2140
or
e-mail -Garyandclaudia@cox.net
www.AZ-real-estate-sales.com
Call Toll Free at 866-464-2140
or
e-mail -Garyandclaudia@cox.net
www.AZ-real-estate-sales.com
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