Buy a House, Get a Raise! I’ve told people this for years, and they don’t always understand. You see, when you purchase a house, it gives you a tax incentive, and so if you are paying $1200 a month for a mortgage payment you are likely writing off at least $400 a month in interest and taxes!
So a house / mortgage payment of $1200 does not compare with a rental payment of the same thing! Buying a house can be an emotional experience, but there are benefits to homeownership too!
There are some GENUINE Deals out there when it comes to purchasing foreclosed property– HUD has a program that only requires $100 downpayment! There are special First Time Home Buyer Programs too!
In addition to that – Did you know that rental history is not adding anything to your credit score??? Home-ownership does?
In general, your landlord does not report to the credit bureau unless you’ve screwed something up! A mortgage company, reports an on time, monthly installment debt. This can be a HUGE lift to your credit score! 8o))Just one more reason to call us about purchasing a home in NC! Steve and Eleanor Thorne, Mortgage Banker at 919-649-5058.
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