June is National Homeownership Month, which highlights the American dream of owning a home and recognizes the organizations that help individuals and families achieve their goals.
There are several benefits to home ownership. Those include:
- Accumulate wealth
- Customize to your taste
- Community involvement
Economic benefits of owning a home may include the ability to accumulate wealth and access credit by building home equity; potential tax savings from mortgage interest deductions; and long-term savings over the cost of renting.
Consider, too, that when you own a home, you can customize it to suit your tastes and lifestyle. You can paint rooms any color you want, change flooring, take out walls for more space, add rooms, etc. You cannot do that when you rent.
Homeowners also tend to stay in one place longer than renters. For this reason, homeowners tend to be more invested in their communities, joining civic organizations and working toward neighborhood and community beautification.
Queensborough National Bank and Trust is dedicated to helping you achieve the dream of owning a home. The process of purchasing a home can seem daunting, but with the right resources and some knowledge, just about anyone can own a home.
One of the first questions many people ask is how much home they can afford. The answer depends on many factors, but generally speaking, you can purchase a home with a value of two or three times your annual household income. The amount that you can borrow will depend on your employment history, credit history, current savings and debts and the amount of down payment you are willing to make.
To find out more information that will help if you are planning to become a homeowner, including the types of interest rates and mortgages and what is included in your mortgage payment, go to the Queensborough Mortgage FAQ page. While you’re on our website, you also can calculate an estimated mortgage payment and begin the mortgage application process. If you still have questions or prefer to go through the mortgage process in person, you can meet our loan officers and reach out to them directly.
Homeownership still is very much a part of the American dream, and Queensborough is here to help. If you want to become a homeowner, just contact us today to get started.