How Can a Purchase Benefit You?
Start investing toward your future goals with the equity built on a new home through your monthly payment. To calculate your equity, take the difference between your property’s value and any loan amounts you have against the home.
Keep in mind:
- The lower the LTV on your loan application, the higher your starting equity.
- Home equity increases with the market value on your home. The $100,000 you just bought can be sold for $110,000, leaving you an extra $10,000 on top of what you’ve already paid toward your principal.
- If you plan to move soon, use your equity to purchase your dream home, or put it towards moving costs into another short-term home.
Instead of paying rent, put that money into your own home with a mortgage that you can afford. Identifying a loan that meets your desired monthly payment goal is possible. There are many advantages to homeownership, such as:
- Having a place to call your own and update as your family grows.
- There is no landlord who can increase your monthly rent unexpectedly.
- Have peace of mind with consistent mortgage payments.
Mortgage interest rates could be a better option than personal loans, student loans, or car loans. A mortgage can help you build a nest egg not only for you and your family, but also for future generations.
- Choose a rate that works for you and fits in with your financial goals.
- Utilize your home equity for future expenses such as college tuition or home improvement with a mortgage refinance.
- Downsize after retirement and live off your home’s proceeds.
- Start building generational wealth to pass down to your loved ones.
- Invest in real estate and build your net worth.
Get pre-approved and get a head start on finding an affordable home. Take the first step on your journey of being a homeowner and building your home equity with One True Loan.
More about the Purchase Process ›