Owning a Home
Owning a home opens a doorway to opportunities
March 21, 2022
There’s a reason why owning a home is considered a major part of the American Dream. Buying and owning a home opens a doorway to new opportunities. It is an impressive accomplishment that allows you to put down roots and transition to an exciting, new phase of life. Whether you opt for a traditional single-family home with a white picket fence or a modern condo with just enough space for one, buying a home means that you’ve reached a goal that millions dream of accomplishing. At Movement Bank, our goal is to make your dream a reality.
Owning a Home Builds Equity
Every dollar you pay toward your mortgage is building equity. That means you’re putting money toward something that’s increasing the value of what you own. There’s a very high chance that you could sell your home for more than you bought it for, so it’s an investment that will pay off financially. When you rent, the money you pay is still giving you a place to live, but it’s not giving monetary value back to you.
Owning a Home Gives You Freedom to Make Changes
Buying a home gives you the freedom to customize it (barring restrictions from an HOA). No more trying to convince a landlord to let you paint, add shelves, or remodel the bathroom. You can create a space that reflects your style, preferences, and well-being. That level of control can be extremely rewarding.
Owning a home has many advantages
- You can deduct the interest on your mortgage and your local property taxes on your tax return, reducing your taxes and freeing up cash for investing. You can decide between taking the standard deduction (In 2022, $19,400 for single filers and $25,900 for married taxpayers filing jointly) or itemizing.
- You build equity as you pay off your mortgage, increasing your share of the property’s value.
- You may be able to get a home equity loan or line of credit where you borrow against the part of your home that you own. These options generally have lower interest rates than personal loans, and you can often deduct the interest you pay on your taxes.
- If your house increases in value over time, you may make a profit when you decide to sell.
- While the effects are harder to measure, owning a home has enormous emotional advantages.
Teaming Up With the Right Lender
There are tons of financing options available to you, and teaming up with the right lender will alleviate significant stress when starting your homebuying journey. Connect with our experienced home lending team to guide you on all of our finance options, requirements, and next steps to owning your dream home.
Movement Bank’s home lending team boasts 61 years of industry expertise and helps families and individuals like you across the US every day. Our families trust us – and we are dedicated to serving them.
Resources to Consider:
Learn about buying your first home, purchasing a home that needs major repairs, reducing monthly payments, interest rates, and mortgage affordability when you visit our resource center (in the link above).
Download our application checklist to ensure you have everything you need before you begin your loan application. Having all necessary documentation upfront saves you and your lender time so you can meet your milestones and timelines.
About the Author
Movement Bank is dedicated to producing quality content that informs and educates readers about healthy financial habits. On our blog you'll also find information about our products, services, and promotions that may help you on your financial journey. To browse and learn more, visit our blog directly at movementbank.com/blog.