Are you currently renting and considering buying your first home? If you are considering taking the steps toward the American dream, you’ll find home ownership offers many benefits that renting does not:

• When you purchase a house, over time your mortgage principal balance will decrease and your equity will increase. Building equity is almost like a forced savings plan—you’re paying yourself in a sense. In the future, you can use the equity of your house for a down payment on another home, college tuition, home improvements and other major expenses.
  
  
• In most cases, mortgage interest and annual local and state property taxes are deductible from your income tax. In fact, tax deductions can sometimes make it cheaper for you to own than rent. (Consult a tax advisor more information.)
  
  
• Renting is influenced by inflation, making substantial rent increases likely over time unless you have rent stablilzed home. The only option to keep your costs the same every month is with a fixed rate mortgage. Costs will thereby stay the same for the duration of your loan.
  
  
• When your home increases in value, the profit belongs to you, the homeowner. When you rent, you own nothing and build no equity over time.
  
  
• You can decorate or remodel your house as you wish. Renters are often restricted what they can do to the interior and exterior of their property.
  
  
• When your loan is paid off, your monthly payments will stop. Renters continue payments as long as they remain in the property.