Buying your first home is exciting, but it can be confusing. There are lots of things to consider, including loan types, down payments, escrow lengths, and more. We’ve been working with first-time buyers for over 30 years, and understand their needs. We have a wide range of loan products to fit your unique situation, and with our friendly, experienced mortgage experts, you’ll get the advice you need to make an educated decision.
Property Occupancy Types
A principal residence is a property that you occupy as your primary residence and must be a convenient distance from your employment location.
When buying a second home (aka, vacation home), the property must be occupied by the borrower for some portion of the year, is restricted to one-unit dwellings, the borrower must have exclusive control over the property and must not be rental property or a timeshare arrangement.
An investment property is owned but not occupied by the borrower. The loans on these properties are made at a higher interest rate and requires a higher credit score.
Benefits of Homeownership
Homeownership can help you build equity over time.
This is the big one. Owning your own home can be a great way to create equity for the future and provide stability and security for you and your family.
You may have some tax benefits.
You may also be able to deduct the interest on your mortgage and property taxes. These tax savings may offset a portion of the cost of owning your home.
Your monthly payments will remain stable.
Speaking of stability, with fixed–rate mortgages, your monthly principal and interest payments will stay the same for the entire period of the loan. This will make it easier to plan and budget.
You can take pride of ownership.
One of the best things about owning your own home is that you’ll have a place that is uniquely “yours” that you can customize — from paint colors to remodeling projects.