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Saving money when you own a home goes beyond your monthly payment. There are several other benefits of home ownership that can help make your financial future more secure.
Every dollar you spend on rent is wasted once you make your monthly payment. When you buy a home, your monthly mortgage principal pays down your loan balance. If your home's value increases over time, you will have built up equity which means more money in your pocket the longer you own your home.
Buying a home and consistently making your monthly mortgage payments on time can strengthen your credit score. This can be helpful in the future when applying for loans for other major expenses such as buying a new car.
Home ownership may provide a variety of tax benefits. If you itemize deductions, interest on your mortgage may be tax deductible. You may also be able write-off moving expenses on your tax returns. You should always speak with your tax professional to find all the benefits and deductions available to you. *Note: Starlight Homes is not offering tax or financial advice.