Spring Buying Season – Start Shopping Today!

Spring Buying Season

It’s spring and the beginning of the traditional homebuying season! Are you considering a new home purchase? Ready to become a home owner for the first time?

Buying a home is a big decision. Many things should factor into your decision, but if you are close to buying and just need a push in the right direction this spring buying season – check out our list of the nine most beneficial reasons to buy instead of rent:

1. Tax Deduction Benefit – Did you know there are deductions you can claim when it comes to your home mortgage? Any interest paid on your mortgage can reduce your taxable income. At the end of every year, the company that owns your mortgage will send you a statement with how much interest you have paid on your loan for the year (Form 1098 – here is a sample of what it looks like). Bring your 1098 forms to your tax preparation professional and take advantage of the mortgage interest deduction afforded to home owners.

2. Aesthetics – Owning a home gives you the opportunity to make any changes without worrying about what your landlord would say. You can paint rooms a bright new color, change old carpeting to hardwood floors or even makeover your bathroom into spa heaven! Not only do you get to enjoy new surroundings and new things but the value of your home should increase. Building equity in your house is one the largest sources of household wealth for Americans.

3. Security – When you rent, you could be forced to leave in a year if the rent goes up or if you get noisy neighbors above or below you. With your own home, your rent won’t go up (it actually could go down if you refinance) and you won’t be sharing any apartment walls or ceilings with anyone noisy!

4. Better Neighborhoods – When the people you live by own their own properties, they are willing to invest more in the community, which makes it nicer and safer for families.

5. Better Economy – If more people buy homes, more money will be inserted in market. This helps create more jobs and more economic stability. Strengthening the housing industry will create many positive effects on the overall economy.

6. Higher Academic AchievementAccording to HouseLogic, home ownership tends to bring about higher academic achievement in our children.

7. Improved Health – According to HouseLogic, homeowners and their families tend to be healthier than those families who rent.

8. Low Rates – Rates continue to hover near historic lows! Rates are hovering below 4 percent for 30-year fixed rate mortgages. According to FreddieMac, mortgage rates ten years ago were more than double what we are experiencing today! For information on the history of mortgage rates, click here.

9. Home Affordability – Home prices have fallen dramatically and will eventually begin to rise. Finance the home of your dreams now and reap the benefits of home appreciation later!

Obviously, the benefits of home ownership will vary from person to person – but this list discusses some of the major advantages of buying a home versus renting.

There are variety of loan programs designed to help you realize your dream of homeownership- including low or no down payment options. Each mortgage loan program has its own benefits as well as income and credit requirements. Our licensed loan originators can help you decide which is best for your specific financial situation and provide a pre-approval to aid your spring house hunting efforts!

  • Conventional Mortgage Loans – Traditional program that usually requires as low as 3% down and offers competitive interest rates.
  • FHA Mortgages – FHA mortgages enable the borrower to put as low as 3.5% down and are available to borrowers with less than perfect credit.
  • USDA Mortgages – USDA mortgage loans are designed to help lower income individuals or households purchase homes in rural areas
  • VA Mortgages – VA mortgage loans are federally guaranteed mortgage loans for veterans that don’t require a down payment.

Find a licensed Inlanta Mortgage loan officer near you using our branch locator or read more about our talented group of loan originators on our testimonials page!

Are you unfamiliar with the mortgage loan process? Click here to read more about the mortgage loan process

Inlanta Mortgage offers Fannie Mae/Freddie Mac agency products, as well as a full suite of jumbo and portfolio programs. The company is fully delegated HUD-FHA including FHA 203K, VA, and USDA approved. Inlanta Mortgage also offers numerous state bond agency programs.

Inlanta Mortgage is a multi-state mortgage banker based out of Brookfield, Wisconsin. NMLS# 1016. Inlanta Mortgage is proud to be a recent recipient of a 2012 Top Workplace Award.

Rent or Buy? You May Want to Decide Soon

Rent or Buy

If you are considering a home purchase and don’t have a ton of money for a down payment, now may be the best time to apply. Why now?

Changes to Mortgage Insurance

When buyers, especially first time home buyers, don’t have a lot for a down payment they often opt for an FHA loan. FHA loans are government backed loans that require borrowers to pay mortgage insurance. Mortgage insurance on FHA loans typically drops off once you have enough equity in your home and have a established a good payment history. So what’s the big change? On June 1, 2013 – mortgage insurance will no longer drop off. As of that date, mortgage insurance will be required for the life of the loan.

What does that mean to you? More money out of your pocket.

House Prices on the Rise

Home affordability continues to remain high – but home prices have begun their inevitable rise with high demand and scarce home inventory levels. Home prices rose 9.7 percent in January from a year ago, according to data released today by CoreLogic. This is the biggest annual gain since April 2006.

Why should you care? The obvious answer is that you will pay more for a home. Another reason to care is that once that home is yours – you will appreciate the increasing value of your property in the form of long term wealth accumulation.

Rent or Buy –  Which is Better?

Ultimately, the decision to rent or buy is based upon a number of factors. Maybe you’re ready to be a home owner, maybe your not. However, it never hurts to understand your options. Consult a licensed mortgage loan officer today to discuss your specific home financing needs. Consultations and mortgage loan pre-approvals are free.

Inlanta Mortgage is proudly celebrating twenty years in business. Learn more about Inlanta’s twenty year history here.

Inlanta Mortgage offers Fannie Mae/Freddie Mac agency products, as well as a full suite of jumbo and portfolio programs. The company is fully delegated HUD-FHA including FHA 203K, VA, and USDA approved. Inlanta Mortgage also offers numerous state bond agency programs. Review Inlanta’s mortgage loan programs here.

Inlanta Mortgage is a multi-state mortgage banker based out of Brookfield, Wisconsin. NMLS# 1016. Inlanta Mortgage is proud to be a recent recipient of a 2012 Top Workplace Award.