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FDIC-Insured — Backed by the full faith and credit of the U.S. Government
Homeownership Benefits
First-Time Homebuyer's GuideBuying a home is one of the largest financial investments you can make. That’s why it’s important to do your homework and be prepared. And that’s where we come in…as one of the oldest community banks in Texas, we’re ready to lend a hand when you’re ready to buy your first home.
From guiding you through the process to reviewing loan options to crunching the numbers, ANBTX Mortgage is here to help you move closer to being a homeowner.
To get started, let’s talk about some of the benefits of homeownership. While renting is more flexible, buying a home has both short- and long-term payoffs and can provide a sense of stability and security. When you factor in the possibility that real estate values may go up over the years, homeownership looks even better. Here are a few of the benefits…
When you buy a home, you’re building wealth with every payment. Month by month, you pay down the mortgage and increase your equity (i.e., the amount of money you can sell the house for minus what you still owe). In a booming market, you may be able to establish equity very quickly—you can also use your home’s equity if you need additional financing later. Over a lifetime, homeownership helps you build wealth and is an asset to leave future generations.
You can usually count on significant tax benefits when you buy a home. Homeowners can deduct mortgage interest on their federal income taxes, which can be a hefty deduction because interest payments are often the largest part of your mortgage payment in the early years of owning a home. You may also be able to deduct a portion of your closing fees and your property taxes. Consult your tax advisor for the specific deductions and benefits.
Although it’s typically better to rent if you won’t be staying long or if your plans are uncertain, that kind of flexibility comes with a price—and in some markets, it may be as expensive (or more) to rent without any of the benefits of owning. When people buy a house, they settle in and create a community. And you have the added perk of making the house your own without asking permission…you can get a pet with no deposit, paint the bedroom, add or expand the floorplan, etc.
So now that we know the benefits, let’s talk about some mortgage basics to help you understand and navigate the process as you move forward.
