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Before You Go House Hunting

Financial Benefits of Home Ownership

  • Start Building Wealth - You build equity in your home each month when you make your mortgage payment which can contribute to your long-term savings goals and future financial stability.
  • Reduce Your Tax Burden - The interest you pay on your mortgage is usually tax deductible which can lead to tax savings. (Check with your Tax Advisor about the deductibility of interest.)
  • Build Your Credit History - Making your mortgage payments on a timely basis each month can contribute to a positive credit history.
  • Make the House Your Own - Aside from Zoning Rules, Homeowner's Association Requirements and Local Building Codes, you'll be able to do what you wish with your new home.

Responsibilities of Home Ownership

  • Additional Financial Responsibility - If you have been renting some of your utilities may have been included in your monthly rent such as trash, water, sewer, etc. Now you will be solely responsible for all of the utilities for your house along with property taxes and homeowner's insurance.
  • Maintenance and Repairs - Taking care of your new home is your responsibility.
  • Less Mobility - When you rent, you can move with minimal notice. Moving when you own a home is more complicated. You will need to still make the mortgage payments until your house is sold.
  • Depreciation - Usually real estate increases over time but not always. Owning a home may mean facing the risk that its value will depreciate.

Before You Go Looking for a Home

Email or call Credit Union Financial Services (678-658-4466/800-503-6855) before you start looking for a home. We can help you determine how much house you qualify for and also start the process of determining which mortgage option suits your financial needs.

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