Purchasing a home is much more than putting a roof over your head. It is one of the most impactful and wealth-building events in a person’s life and can help you reap personal, financial, and even social benefits. Let’s take a closer look at what homeownership could mean for you and how to take the next step.
Financial Benefits
When you rent, you are paying your landlord’s mortgage. When you own a home, each mortgage payment builds your own equity and serves as an investment in your future. While rent payments can increase every year, with a fixed-rate mortgage, your principal and interest payment stay the same year after year. Homeownership also comes with tax advantages, like deductions on mortgage interest and property taxes.
Personal Benefits
Owning a home gives you greater control over your living situation. It allows you to customize your space to fit your personality and lifestyle with any decorations, renovations, or landscaping you see fit. It also gives you the potential to build generational wealth, as real estate tends to grow in value over time. In the long term, homeownership allows you to pass down property, financial security, and community roots to the next generation.
Social Benefits
Typically, homeowners stay in one place longer than renters, which gives them a stronger connection to their area. Homeowners are also more likely to develop relationships with their neighbors, get involved in community activities, and influence the development of their neighborhoods.
At Southern First, our mortgage experts are committed to providing you with access to information and loan programs to fit your needs. We offer competitive rates and a variety of products with low down payment options such as FHA, VA, and USDA loans as well as the Dream Mortgage,* which is serviced by Southern First and offers up to 100% financing with no down payment and no mortgage insurance required.
If you’d like to learn more about taking the next step to your dream home, please don’t hesitate to reach out to our team of experts at 877-679-9646 or southernfirst.com/mortgage. We would be honored to help you achieve your homeownership dreams.
*Southern First Bank PO Box 17465 Greenville, SC 29606- 8465 (NMLS #754127). Member FDIC and Equal Housing Lender. The Dream Mortgage Program is a Special Purpose Credit Program designed to expand access to credit for underserved borrowers (low to moderate income and minorities) or locations, which are subject to change without notification. Applications are subject to underwriting and credit approval; additional terms and conditions may apply. Not all applicants will qualify. Southern First Bank makes no representations or warranty and does not guarantee specific results or outcomes implied, nor any claims, costs, or damages that arise. It is for advertisement and informational purposes only and shall not constitute as legal advice, subject to change without notice.