Discover the financial, personal and community advantages of owning a home.

Owning a home comes with many responsibilities but it also comes with plenty of advantages! Check out these five ways homeownership benefits individuals, families and communities.

Your monthly payment stays stable

Homeowners with a fixed-rate mortgage enjoy knowing that their mortgage payment will stay the same over time. These homeowners enjoy a stability envied by renters who are subject to getting annual notices of rent hikes.

While payments for homeowners with an adjustable-rate mortgage may change, they have the advantage of knowing exactly when and how much their payments will change.

Build equity and wealth

Home equity starts with a homeowner’s down payment. Then more equity is built each month according to the portion of the mortgage payment that is applied to the principal.

Another way home equity is built is through increasing home values. Historically, U.S. home prices have increased and helped homeowners build wealth. However, it is also possible for home values to decrease. It should be noted that there is no guarantee that home values will rise.

It’s an investment you can live in

Unlike stocks and bonds, a home serves as an investment as well as a shelter. It’s not without expenses or risks, but you’re assured of having a place to live.

Ability to access cash through home equity

Homeowners who tap into a home equity line of credit get the advantage of borrowing at lower interest rates than other types of loans. The cash accessed this way can be used any way you like. 

You can change a home to suit your needs and taste

When renting, there are constraints on changing the space and you’re usually stuck with the paint color and flooring of the landlord’s choosing. For avid watchers of shows such as Fixer Upper and those who express their creativity through décor, owning a home provides the opportunity to transform living spaces exactly as they want.

Stronger communities

Research shows that homeownership helps promote the civic engagement that creates stronger communities. Plus, the stability of living in one place over many years helps foster interpersonal relationships and friendships.

If you’re ready to buy a home, be sure to talk with a Consumers mortgage professional about home loans with competitive rates.

All loans subject to approval. Rates, terms and conditions are subject to change and may vary based on credit worthiness, qualifications and collateral conditions.