What are the benefits of owning my own home?
• The satisfaction of having your own place gives you peace of mind and pride. • Your home gains in value over time. This appreciation helps create your own wealth. • You owe less taxes to the government, which helps you build and preserve your wealth. • To a certain extent, you have more control over your monthly housing expense. • You can paint your walls any color you desire! [ back to top ] 2. How do I know if I’m ready to purchase my own home? There are a number of factors that lending institutions look at to decide if you will qualify for a loan to purchase a home. Keep in mind that these are guidelines and that there are many different programs for different situations. Here are the key factors. • Employment history – Lenders will ask for your history for the past 2 years, as this, together with your monthly income is a good indicator of your ability to pay back the mortgage. • Credit history – Your credit report will be ordered and reviewed to see your past willingness to repay
