Strong and consistent evidence indicates that homeowners are more likely to: a) be satisfied with their homes and neighborhoods; b) participate in voluntary and political activities; and c) stay in their homes longer, contributing to neighborhood stability.
Homeownership is often thought to be an essential ingredient of the "American Dream." Living in a single-family, owner-occupied dwelling unit is central to the American conception of a secure and successful life. Study after study has found that a large proportion of Americans would rather own than rent a home.
In a recent national survey, for example, 86 percent of all respondents felt that people are better off owning than renting a home, and 74 percent believe that people should purchase a home as soon as they can afford it, regardless of their marital status or whether they had children in the household. Of the renters surveyed, 67 percent said they rent because they are unable to afford to own, while 26 percent said it was a matter of choice.
Moreover, a full 68 percent of renters said that buying a home is a very important priority in their lives.
In my experience I've seen how homeownership is key to strengthening families and good citizenship.
Homeownership also enables people to have greater control and exercise more responsibility over their living environment.
Homeownership helps stabilize neighborhoods and strengthen communities. It creates important local and individual incentives for maintaining and improving private property and public spaces.
Start the process today to securing your future for tomorrow!
2007 has been a roller coaster ride for the Real Estate industry but there is still hope for home ownership in 2008. It is very important for homebuyers to educate themselves on the market and take advantage of what experts are calling..... a buyers market.
Understanding that regardless of the mortgage meltdown...at the end of the day, homeownership will still be one of the smartest investments you will ever make.
Some of the reasons why is because interest in homeownership among Americans has always been justified by claims that it confers benefits both to individuals and to the society as a whole, including good citizens, stable neighborhoods and strong communities.
Start the process today to securing your future for 2008 & beyond!
Just a few short years ago, many people were amazed by the prospect of a 40 year mortgage. While 30 year mortgages have dominated the market for decades, the idea of being able to spread out your mortgage payments over forty years was just too much to comprehend. Now, there is the new 50 year mortgage and if the 40 year mortgage took the finance world by storm the 50 year mortgage is leaving many people speechless.
Now, I'll be the devils advocate and ask, is a fifty year mortgage really a good idea? Well, there are certain advantages to a 50 year mortgage. The most obvious advantage is that it allows a homeowner to spread out the cost of a home purchase and lower monthly mortgage payments. In housing markets where prices have skyrocketed this can be a major pro because it may make it available for individuals to purchase homes who might not have been able to do so otherwise. Of course, there are also major disadvantages to consider as well.
When considering a 50 year mortgage it is extremely important to consider your age at the time of the purchase. For example, lets say you're 30 at the time you purchase the home. With a 50 year mortgage, your home would not be paid off until youre 80. If you think you'll still be able to meet those monthly mortgage payments long after the age by which most people have retired, this might not be a bad option. On the other hand, if you are looking to be debt free by the time you retire, its best to consider another option.
It is also important to remember that the longer you draw out the payments on your home purchase, the more you're paying in interest. This is why many skeptics of the 50 year mortgage are referring to them as interest-only loans. When you stop and actually look at the numbers, you'll see that with this type of mortgage you're paying a lot more in interest for your home than you would with any other type of home loan, even a 40 year mortgage. That's money you might be able to put toward something else, especially if youre looking ahead toward retirement.
On a $350,000 home purchase at the going interest rate the monthly payments would be in the neighborhood of $2,100 per month with a 30 year mortgage. With a 50 year mortgage at the same interest rate you could drive down the price of the monthly mortgage payment by about $300 per month. Since you'll be paying for the home 20 years longer with the 50 year mortgage than you would with the 30 year mortgage. You will actually end up paying more than $350,000 for the home over the course of the 50 year mortgage than with the 30 year mortgage. If you went with the 30 year mortgage and the monthly payment that is $300 a month more, youll spend $72,000 over the course of the next 30 years but then your home will be paid for in full. With the 50 year mortgage youll still be responsible for that $1,900 a month house payment for the next 20 years.
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Art Best of Best Realty
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Why should I buy, instead of rent?
Can I become a homebuyer even if I have I've had bad credit, and don't have much for a down-payment?
Are there special homeownership grants or programs for single parents?
Should I use a real estate broker? How do I find one?
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