Owning a home is every person’s dream despite the fact that it could be costly for some people. People have the option of constructing their own homes, or buying houses that are already completed. For those that don’t have all the money required to buy or build the home, there are many financing options such as mortgaging, saving up, and loans. In this article, we will be discussing the advantages to owning a home.
The mortgage interest and property taxes are deducted from the annual incomes of people that own homes. For new homeowners, most of the money that will be paid on the mortgage goes to interest.
Investing in property is good because the value is always appreciating.
Inflation tends to be more when people are paying housing costs and rents despite the Federal Reserve in the U.S. keeping the interest rates artificially low. This means that as a house owner in the U.S., you have a hard asset that protects investment dollars in the long run.
The portion of the house that a house buyer has already paid off is known as the equity. It is the difference between the home’s value and what the buyer owes the mortgage lender. This gives them more borrowing and purchasing power.
Having more home equity means that a homeowner has more borrowing power for another mortgage as an equity loan or line of credit. This money can be used for home improvements, paying bills, cars, and many other things.
With home equity, the homeowner can profit from selling the home and spending the money on a new home since the first home will have equity buildup and appreciation.
One of the ways that you can finance your home is through mortgage, and that is what brings us to our next topic, Ravenwood Services. They offer bad remorgages for owner occupied properties. They can assist you if you fall in the categories below:
- No credit history
- Low credit score
- Late payments
- Missed mortgage payments
- Debt management schemes
- Mortgage customers with multiple credit problems
One of the most attractive things about this company is the Ravenwood no brokers fees. Most of the other companies will offer outrageous broker fees but Ravenwood does not charge a cent. They are open minded to some bad credit and will usually give funds. The process is simple, you fill in an online form on their website and submit it for review. They have relations with lenders with a similar mindset, lenders with an open mind to people with bad credit ratings. Some of the reasons why you would want to use them to refinance include:
- Replace a lender or lender(s) with very high rates
- Consolidate a high rate 2nd charge secured loan with a mismatched or too short term
- The discount variable rate has expired for your existing lender
- The fixed rate has ended for your existing lender
- You have been offered a cash incentive to refinance away from your existing lender by them
- The term has run out for your current lender
- Court order to remove partner from the mortgage as a result of separation/divorce
- Release equity from home to pay for divorce settlement or stop the fire sale of other i liquid assets
- Raise money for the purchase of another property to rent out
- Consolidate existing unsecured debt to reduce monthly outgoings
Owning a home is something that we should all strive for because it comes with more advantages than disadvantages. When buying a home, it is important to plan accordingly so that you get what you will need at the right price.