June is National Homeownership Month

• Building equity every month.  
• Make money in your home over time by home value appreciation.   
• Home equity builds long-term, sustainable wealth.  Freedom to do whatever you want.  
• Can pull cash out of the home if needed.  
• Tax benefits for Florida homeowners.  
• THE key to better credit.  
• Own your home.  
• Leverage the home to build a real estate portfolio. 
• Make lifelong friends as a part of a community. 
• and many, many more! 

Can you think of another benefit we didn’t cover? Comment about it on the social media post!

One monthly payment you can control. 
When you rent you are subject to whatever the landlord charges you. It might be one amount one year, and another the next. And rarely does it go down, even if the landlord’s mortgage rate or monthly payment drops. You can also get evicted even if you’re current on the rent payments. If the homeowner doesn’t pay their mortgage and gets foreclosed on, you’ll be looking for a new place to live even if you have a signed lease in place.  With a mortgage you have peace of mind that the payment won’t change (unless your homeowners insurance or taxes change), plus, you’ll never be at risk of getting kicked out of your home so long as you make the payments on time.  

Building equity every month. 
This is an important thing to consider when trying to decide whether to rent or buy a home. Lots of people waste money renting while waiting until they can afford the home they want, or get the interest rate they want. If you’re waiting for rates to drop a full point, say from 6% to 5%, the difference in the monthly payment isn’t worth waiting for because of all the money you’re still wasting on rent. You still come out ahead by buying the home now and building equity every month instead of renting and building the landlord’s equity; especially if you’re buying in a place like Ponte Vedra, Florida, in St. Johns County.   

Make money in your home over time by home value appreciation. 
This is where the equity along with the overall appreciation of value really benefits you over the long run. Because of the beach, sun and surf, home values in Florida do well over time as about 1,000 people move to the state every day. 

Top markets in Florida where home values appreciate about 5–10% in value each year include:  

• Ponte Vedra 
• Jupiter 
• Flagler Beach 
• Ocala 
• Nocatee 
• Palatka 
• Fort Pierce 
• Melbourne 
• Jacksonville 
• Gainesville 
• St. Augustine 
• Ormond Beach 
• Orlando 
• Palm Bay 
• Fernandina Beach 
• Port St. Lucie 
• Palm Coast 
• Daytona Beach

Home equity builds long-term, sustainable wealth. 
The fact is that where homeownership rates are lowest, so is wealth. All wealth creation begins with people owning their own homes. Owning your own home gives you peace of mind to pursue other wealth building activities as you save for a dream vacation, car, or retirement. Owning your own home can also give you more financial resources in life, especially later in life when you’re older.  The bottom line is that almost all successful people who build good pension or retirement funds started out by buying a home when they were younger. Getting started early in your life also gives you the psychological motivation to go out and do other wealth building activities in your career. 

Freedom to do whatever you want.
If you’ve ever rented from an overbearing, micro-managing landlord, this will be the biggest reason to buy a home as soon as you possibly can. When you’re at home, you’re the king of the castle, and can do whatever you want. This freedom is ingrained in legal doctrine all around the world: your home is your domain, your domicile, where you are able to live however you want with nobody criticizing you like a landlord can do. 

Can pull cash out of the home if needed. 
If you get in a tight spot, you can pull cash out of the equity in your home one of two ways; either a cash out refinance or a home equity line of credit. Regardless of how you get the cash, your home equity acts as a big savings account you can’t easily touch or spend like with a credit card. There are some drawbacks to cashing out equity and doing so should be carefully considered with a trusted mortgage loan officer giving you unbiased advice that serves your best interest, not their commission. 

Tax benefits for Florida homeowners. 
A huge benefit for Florida homeowners is the Florida Homestead Exemption. This allows you to reduce the taxable value of your primary residence by up to $50,000, meaning lower taxes. There’s also more tax exemptions available for active-duty military, veterans, homeowners 65 years or older, surviving spouses of fallen military heroes, and permanently disabled homeowners. 

Florida homeowners can also deduct the follow real estate related costs:

• Mortgage insurance premiums 
• Mortgage interest
• Property taxes
• Closing costs & loan origination fees
• Home improvements for medical purposes 

Please note: There are cut off times of the year for each exemption so check with a tax professional for additional details and when you can claim the exemptions.  For more information visit Florida Revenue. 

Better credit. 
The key to excellent credit–not just good credit, but excellent credit–is to have a mortgage, and to pay it in full and on time every month. Excellent credit will get you the best insurance rates, car loan rates, and future mortgage rates when you need them. Spending less money on insurance and interest payments means you save more for retirement or a vacation. 

Own your home. 
How great would it feel for you to own your home and not the bank? If your goal is to own your home free and clear, then you can do it so long as you have a plan and discipline yourself to stick to it. Owning your home one day is a noble goal and can be achieved over the course of a 30- or 40-year working career. Some things that could stop you from paying off the mortgage would be cashing out some of the equity or refinancing into a lower payment with a longer term. 

Leverage the home to build a real estate portfolio.
Lots of very successful rental property owners started out with one home, their home, then they turned it into a rental when they moved into a different one. Owning a rental home is a great way to build a retirement asset that pays for itself. Most homes can be cash flow positive, meaning the rent is greater than the total mortgage payment each month. If you become cash flow positive on a rental property you’ll be able to cover the mortgage payment plus stick some money in your own pocket every month.  This is a very low-risk, self-sustaining and appreciating asset that will pay itself off over time. Imagine having five rental properties generating cash flow every month, that pay for themselves each month, and that will eventually pay themselves off over time! You could easily end up with a few houses that are paid off when you retire and enjoy the monthly cash flow, or sell them for a one-time windfall. 

Make lifelong friends as a part of a community. 
A country is defined by its inhabitant communities of people. Besides, having a good neighbor can be really helpful when you need it. And you never know when you will need it. Some of the best contacts and closest friends are found in your local community, on your street, or around the corner from your home. From hanging out with friends at the ball game, to worshiping at the same church, to eating, dining, and entertainment, friends are what give life its spice and flair. After all, how boring would it be to live somewhere where no one else was around? That might sound good to you, and, if it does, there’s a home for you too somewhere out there! 

No matter what kind of home you want to buy, where it is, or how you want to live in it, you can find your dream home in Florida (unless you’re looking for mountains and snow in the winter).

If you’re ready to make the leap into homeownership, contact us today! Our dedicated loan experts will walk you through every step of the way ensuring you get a low rate and close quickly!

If you’re looking for a streamline refinance to lower the rate and payment, apply here today or call 855-626-1999 and speak with one of our expert loan officers in your area!