Home Buying Basics
Benefits of Homeownership
Equity can be created through homeownership and often represents one of the largest sources of a person’s net worth. If the market value of your home exceeds the principal balance of the outstanding mortgage, you own equity in your home. The opportunity to build equity in your home is important to consider when, comparing the benefits of owning versus renting.
Historic Low Interest Rates and High Affordability
The average rate on the 30-year fixed mortgage is at record lows around 4 percent. In the future, if rates were to increase from 4% to 5.5%, the monthly mortgage payment would increase nearly 20% on a 30 year mortgage. Many people are taking advantage of these incredible interest rates.
Homeownership offers many tax benefits. The following items are often deductible:
- Mortgage Interest
- Property Taxes
- Loan Points
Up to $250,000 for individuals and $500,000 for joint filers in sales gain is tax free if you have lived in the home for 2 of the last 5 years Consult your tax advisor for details
Want to plant a fruit tree, how about paint your dining room burgundy, or perhaps extend the tile floor in your kitchen to your family room? It’s your property and you have the freedom to make your home as distinctive as you!
Purchasing a home can add predictability to your expenses, especially if your loan has a fixed interest rate for 30 years. Even if property values and rents in your area increase, you pay the same monthly mortgage payment. Predictability is wonderful!
Set your roots
Owning a home can provide stability. Enroll your children in a great school, host family get togethers, get involved in your community, and love where you live.
New vs. Existing
There have been short sales which take over a year and then the transaction falls apart. Or, buyers of foreclosures find much needed and costly repairs after they move in and would have been money ahead purchasing a beautiful new home.
Move In On Your Terms
Want to move into your new home within 30 days? We may have a move-in ready home for you. If we are sold out of a plan, but you love the location of one of our future homesites, we may be able to build your dream home within 5 months.
Warranty and Customer Service
To give you peace of mind and help protect your investment, Anderson Homes offers a third party Home Builder’s Limited Warranty and a Customer Care Program at no cost to our homeowners. Both the Warranty and the Customer Care Program are transferable to subsequent buyers during the coverage period. We are proud to have you as a homeowner and want to take care of you. Try finding that in a resale home!
Steps towards Homeownership
Start working with a mortgage lender
Our preferred lender is Academy Mortgage, one of the top independent-lenders in the United States. Academy Mortgage offers competitive rates and great customer service.
Know your credit score
Your lender can analyze your credit and may be able to help you improve your credit score so you can have access to better interest rates.
Talk with your lender about loan programs you may qualify for and what might be the best fit for your family. Ask your lender to estimate a monthly house payment, including property taxes and insurance, as well as closing costs. Once you are pre-approved for a loan, you will know how much you can afford and can make a solid offer to purchase a home.
Work with an experienced Anderson Homes representative
The sales representatives at Anderson Homes are highly experienced and knowledgeable about the home buying process. Whether you are a first-time or an experienced homebuyer, we are here to guide you through the process of purchasing your dream home.