Santa Monica Foreclosures Tip 18 - How To Purchase The Best
Purchase Santa Monica Foreclosures Tip 620
Have you been contemplating the purchase of a home? The time may be right to make your move out of the world of renting and into home ownership. There are a great many advantages which buying a house brings. However, the first task is to consider these advantages and get pre-qualified with a mortgage lender so that you know what kind of home you really can afford. About a year ago when I was searching for Santa Monica foreclosures, my mortgage advisor gave me outstanding advice.
The Advantages of Home Ownership
1. Home Equity--Although we have been in a declining market over the past few years, historically real estate values go up over time creating home equity for home owners. This equity occurs in two ways. Well, to start, as you pay your mortgage off, your home debt decreases. This process is named principal pay down by realtors and other housing professionals, it creates equity. The next way equity is gained is thru home values going up. House prices recently have actually decreased, but this is not usual so don't let that put you off, in fact it means that now is a great time to buy. In fact, a great investment at present in terms of property would be to invest in Santa Monica foreclosures.
2: Tax Savings - We all want to save in this area. Mortgages present you with a fantastic opportunity to save money on tax. In fact, property tax and the interest payable on a mortgage is in fact tax deductible. Lets just show that to you via an example, if you are paying 40% of your salary in taxes then you will in effect save 40% of your home payment in tax savings. This is where home ownership is far more beneficial than renting. Don't take this article as 100% true to word though, tax rules vary worldwide and statewide so always check first. An example of these rules varying between states would be the fact that the rules about Santa Monica foreclosures are notoriously obscure.
3: Settled in - You'll be able to settle in when you become a home owner. By this, what we mean is that you can personalize your property. You will have opportunities to make new friends in your area. Recently when I was searching for Santa Monica foreclosures, I met some great people just looking round the houses. If you have children you are able to settle in to the schools and local sporting programs. There is a feeling of security and consistency that comes from buying a home rather than renting and being at the mercy of a landlord.
If this is something that you would like then go ahead and speak to a realtor and a mortgage broker or bank. When you are aware exactly how much you can afford in terms of a house, then you can start the hunt. On a concluding note, if you are looking for a home in California then search for Santa Monica foreclosures.
by: Terry Kennard
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