Mortgage : Home Loans : Refinance : Home Equity Loans

By Jason Layhue

What are the major benefits of homeownership? This is a question that I am asked frequently. I am sure that people will all have different opinions and highlight various benefits that they feel are the most important. Here are four key points that I feel are often over looked.

First let’s take a look at the tax advantages. Homeownership allows the deduction of not only mortgage interest but property tax as well. Homeowners are eligible to deduct mortgage interest and property taxes from their federal income and in many cases their states’ tax as well.

The next advantage would be equity. Equity is the difference in what you actually owe on your home and the current market value. The equity in your home increases when you pay down the balance on your home. It also increases as your home appreciates. Over time the equity in your home could become rather large. You are the one who gets to take full advantage of this, not the landlord. This money is yours to do as you wish, however the only way to get it would be to refinance your house or sell it.

Another major advantage of owning a home would be what I like to call the

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This entry was posted on Tuesday, August 1st, 2006 at 4:19 am and is filed under Refinance. You can follow any responses to this entry through the RSS 2.0 feed. Responses are currently closed, but you can trackback from your own site.