Mortgage Information

Home Ownership - More Value For Your Housing Dollar

If you're renting a house or apartment, chances are you've thought about buying your own home. But you may not be sure that it makes sense. What are the advantages of homeownership?

What's In It For Me?

There are psychological benefits to owning your home. It gives you and your family a sense of permanence and tradition - your "roots," so to speak. You also have the security of knowing that you won't be left out in the cold because a landlord chooses to sell or convert your building to condominium units.

In your own home, you're the boss. You have the freedom to make the changes and improvements you want. And those improvements add to the value of your biggest investment.

When you're a homeowner, your monthly housing expense goes toward building equity in your investment. And when you've built up enough equity, your home can become a source of ready cash.

In addition, homeownership demonstrates stability and therefore improves your credit rating.

What Are The Tax Advantages?

It's no secret that the biggest financial benefits of homeownership come from tax savings. (Consult your tax advisor.)
  • You can deduct the interest paid on your mortgage.
  • Mortgage points may be deductible in the year paid if the loan is taken to purchase your principal residence.
  • Property tax is tax deductible.
  • If you sell your home at a profit and purchase a home of at least equal value within two years, the capital gain on the sale is tax-deferred until you sell again.
  • Homeowners can borrow against the equity in their homes. Home equity borrowings are the only type of consumer loan on which interest remains tax deductible.

Are You Ready For Homeownership?

If you'd like to benefit from the advantages of homeownership, talk to your Dollar Bank Representative today. We'll meet with you at your convenience to help you on your way to becoming a homeowner.

Call 1-800-242-BANK or visit any Dollar Bank Office.

To try our mortgage calculator, click here.

The information presented in this publication is general in nature; it is not our intention to provide specific advice to individuals or a comprehensive discussion of the subject matter. We suggest that you consult with your financial or tax advisor, accountant or attorney to obtain specific advice or comprehensive information.
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