Grow Financial Federal Credit Union

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March 12, 2020

Top Three Reasons to Buy Your Home

It’s no secret that here at Grow, we’d love to help you pick up the keys to your new dream home. We have lots of mortgage options to choose from, with competitive rates (which are updated daily and can be found at growfinancial.org/rates) and reliable, local service from our real estate loan team. But if you need a little convincing, that’s normal. Buying a home is a big decision, complete with innumerable benefits but also additional responsibilities. Read on to discover the top three reasons to own your home.

Build equity.

You’ve probably heard about building equity. But what exactly does that mean? Equity is the difference between what you owe on your mortgage and what your home is currently worth. For example, if you owe $100,000 on your mortgage and your home is worth $150,000, you have $50,000 of equity in your home. You can tap into equity in multiple ways, like selling your home and moving into an upgrade or remodeling your home to increase its value. With a Home Equity Line of Credit (HELOC), you can borrow against the equity in your home to fund other activities, such as a big expense like a kitchen renovation or adding an in-ground pool.

Put down roots.

Home ownership can bring a sense of stability and permanence. Plus, when you’re free from the restrictions that come with renting, you can customize and renovate within your home, creating the home of your dreams. You can be intentional with the choice of location and the home layout based on your unique preferences and goals. Maybe you need close proximity to a particular elementary school or want to be near a certain point of interest around town. Maybe you need a spare bedroom as you look toward expanding your family or extra acreage for homesteading. With tons of options out there to meet your unique list of priorities, buying a home gives you the freedom to chart your own course.

Reap potential financial benefits.

Real estate is generally considered a stable long-term investment, and your home’s value may increase over time. In many areas of the country, it can be cheaper, sometimes significantly, to own a home rather than rent. Though there may be upfront costs to overcome (such as a down payment and closing costs), it often makes sense to buy, especially if you plan to reside in the same area for several years. You can run the “break even” point for your individual situation by calculating what you currently spend on rental expenses (e.g. monthly rent, renters insurance and any additional fees) and comparing that to projected home ownership cost (e.g. mortgage payments, home insurance, upkeep costs and property taxes). Depending on the area and other factors unique to the home, you may find you can break even within as little as two years.

As a credit union, we can provide competitive rates for mortgages, since we exist to serve people, not corporate profit. To find out more about a home loan through Grow, talk to a local Real Estate Loan Officer today.

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Grow Financial mortgage loans and HELOCs are subject to credit approval.
Grow Financial mortgage loans are valid for the purchase or refinance of owner-occupied residential properties in the states of Florida, South Carolina, North Carolina, Georgia and Tennessee including single-family detached, condominiums and townhomes. Not valid for the purchase of investment properties. Grow Financial mortgage loan rates are updated daily and available at growfinancial.org.


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