When you purchase a home, it is the biggest purchase of your life.

You pay your mortgage down monthly, you use it for leveraging cash over the years and most importantly you hope to take advantage of growth in the equity value.  While this is true in hot real estate markets like Vancouver and Calgary, it is also very important to not lose sight of the fact that your home is also a place to raise your family and perhaps even live out your days.

There are also many advantages to home ownership, along with providing a safe shelter for your family.  When considering buying a new home, do your research, buy within your means and get the help of a mortgage broker to get you the best mortgage you can get.

Taxes

Taxes have a huge impact on investments.  When you make money in just about every investment, you pay taxes. With a home, as long as it is your principal residence, you will pay property taxes – which are also part of a cost of rent – but there are tax advantages to ownership.

Over the long term, it makes a big difference for taxes.  When you sell your home, you don’t pay taxes on the increased value and this can be a huge gain, particularly in hot real estate markets.  You must keep in mind that there are repairs and other issues of ownership, but an increase in value of the equity in your home is a clear advantage.

Home Equity

As the value of your home increases over time, so does the equity in your home.  You pay your mortgage regularly and as you do so, while some of the payment goes to interest, the other percentage goes to paying down the principal.  As you pay down the principal, the equity increases in your home.  This is a win-win situation.  Over the years, the value of your home should increase, and the money and you eventually pay off your mortgage, so in the end you get mortgage-free home worth more than what you bought it for.

Accessing the equity could be an important advantage to ownership as well.  Since you have built up equity in your home, it could act as a source of money when you need it most.  For example, if your child needs money for tuition, you started a new business, you need to do emergency repairs or if you get sick and need time off work – you can access the equity in your home through a home equity loan.  If you have to take out a line of credit at the bank, the interest rates will be far higher than taking out a home equity loan since it is not based on an asset.  Have a question about home equity loans, contact the team of home equity loan experts at One Stop Mortgage.

Saving Money

It’s hard to save money.  Life seems to be getting more and more expensive all the time.  Everything from food to gas costs more and more.  It’s hard to get ahead.  How can anyone save money in this economy – particularly in an expensive city like Vancouver or Calgary?

When you own your home, your mortgage payments become a way for you to start saving money, and lots of it!  It’s too easy to spend our hard-earned money.  Unless you have lots of discipline and can stick to a budget, it is really difficult to get ahead.

Home ownership provides a way for you to save money every month as you pay down the principal of your mortgage and build up more equity in your home.  There is financial safety in that equity, as well as an insurance that you can access it if you need it for important things as life moves forward.  If you manage your money carefully and continue to pay off your mortgage, it can only be beneficial.

Benefits of Home Ownership outweigh the Risk

If you manage your mortgage carefully, and get good advice from a mortgage broker, you will discover how owning your home is a huge advantage.  Imagine if you rent a home for 25 years, where is the rent money at the end of it?  What do you have left?  Yes it is a huge purchase to buy a home, and getting a mortgage can be confusing, but if you get sound advice, move carefully in your purchase and stay within your means, the benefits of ownership far outweigh the risks.

Get the help of a Mortgage Broker

The team at One Stop Mortgage has provided the best mortgages and home equity loans for their clients for more than 20 years.  Rather than going to a bank to be treated like a number, why not reach out and get the help you deserve.  At One Stop Mortgage, the team will provide solid advice, and since they are in the business of loans and mortgages, can get you the best deal for your particular situation.

Purchasing your home or need a home equity loan? Call One Stop Mortgage today!

Whether you are financing a mortgage anywhere in BC or Alberta, the mortgage broker team at One Stop Mortgage are here to help.  Give them a call now at 604 874 8988 or call toll free  1 877 874 8988.