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Buying Your Home

Benefits of Home Ownership

Owning a home is a wise financial strategy for a of reasons.

Painless Savings — You pay off a small portion of the loan with each payment. So you’re likely to accumulate meaningful equity over time – a benefit that renters cannot enjoy.

Tax Perks — Homeowners (with some limitation) can deduct the interest portion of their payments, as well as property taxes paid. Plus, capital gains (profits) from a home sale are excluded from income taxation. Consult with a tax adviser for specifics.

Hedge Against Inflation — Typically, home prices and rental rates rise faster than inflation. This can make homeownership a smarter finincial move than renting.

Wealth Accumulation — On average, homeowners have significantly more accumulated wealth than renters.

Leverage — A small down payment has the potential for significant gains.

Buying Your First Home

Homeownership is a serious commitment. We've provided a little guidance below. Talk it over with family, trusted friends, your real estate professional, financial advisor, and mortgage lending professional.

Emotional benefits and risks
Owning a home creates a strong sense of pride in most people. It's a significant life accomplishment and reflection of your personality. It’s also a place where family memories are made. Be sure you’re emotionally prepared to be a homeowner.

Financial responsibility and risks
After you've taken possession of your home, you’ll be responsible for mortgage payments, property taxes, and homeowners insurance. And don't forget utilities, maintenance, and repairs. Keep in mind that single-family homes are typically an excellent investment, but they can and do lose value in some situations. Our lending professionals can introduce you to a trusted financial advisor who can help with your budget and discuss the potential financial risks.

Geographical benefits and risks
You'll likely choose to buy your home in a neighborhood with good access to transportation, schools and other amenities. However, homeownership can open you to risks. While a renter can easily relocate when employment or family situations change, a homeowner will have more difficulty doing so. When thinking about buying a home, consider the location carefully in order to maximize your future options.

Why You Should use a Real Estate Professional

Real estate professionals are trained and licensed. Their careers depend on abiding by a code of ethics. Many have a fiduciary responsibility to their clients. Typically experts in their local real estate markets, they provide reliable assistance whether you’re buying or selling property.

Commerce Home Mortgage has great relationships with many wonderful local real estate professionals. Please let us know if you need help finding one.

What to expect during the home buying experience

Home shopping can be a lot of fun. But finding the right one can take anywhere from a few days to several months. It depends on how many homes are on the market, your timeline for moving, or your specific needs. Once you've made your choice, the sale process can typically be completed in just 30 days or less.

We strongly advise that prospective home buyers get their loan "Pre-Approved" for a mortgage loan. This gives the buyer important information about the price range in which they’re looking and lets sellers know that you’re to be taken seriously. Note that a “Pre-Approval” is NOT a commitment to lend, because the property you want to buy must first be appraised. Instead, it gives sellers confidence that when you submit an offer you’re able to complete the transaction.

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