Getting a house of your own is now a lot easier. If you were looking for a mortgage company in Oregon, for example, a quick visit to Primary Residential Mortgage, Inc. can quickly get you in touch with a loan officer. These advisors could give you the information you need to make an informed decision, or point you to resources where you can do your own research.
While it may seem better to buy your house in cash, getting a mortgage facility should be the way to go as it leaves your liquidity intact. Below are some of the benefits that will convince you to take the mortgage route:
• You improve your credit scores
Buying a house eventually improves your credit rating if you make your payments on time. As a result, you’ll enjoy lower interest rates. You can also get a loan from banks and other lenders easier if you have good loan repayment reputation.
• Taking out a mortgage enables you to enjoy tax benefits from your annual tax returns
Your tax advisor should assist you on what benefits you could get before filing your returns, which may vary from state to state.
• You get financial security
Everybody enjoys having a sense of security, whether it’s physical or financial. A mortgage facility ensures that you still have liquidity and can still put your money into other investments.
• You get leverage when you get a mortgage
Putting a down payment of $150,000 for a house worth $500,000 ideally means that you will pay a loan of $350,000. However, as the value of the property appreciates, that means that you’re also earning money on the loan, should you decide to sell your house in the future.
Getting a mortgage is an important financial decision that can affect your life many years down the line, especially if you opt for a long-term mortgage. But while it’s good to know the risks involved in taking out a mortgage, there are a lot of benefits, aside from having a house of your own.