Home Ownership Still The Core of The American Dream

Posted by Lake Norman Homes Realty
Posted in Home Buyers Blog
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A recent Fannie Mae study reveals that the majority of Americans still aspire to own a home – and for good reason. Owning a home is critical to financial stability and wealth building. A home serves as a forced savings account and provides a solid asset, as well as a place to live. Despite the recent market upheaval, the vast majority of Americans still consider home ownership to be important to the economy and preferable to renting. Since the end of World War II, promoting home ownership has been high on the list of the federal government’s priorities, and will continue to be so.As the graph below points out, the rent vs. buy equation needs to also take into account that rents are subject to increase every year, and mortgage payments remain fixed. Another key factor in the affordability picture is the throughout the life of the loan*. Another key factor in the affordability picture is the federal tax deductibility of mortgage interest, which amounts to an annual savings of thousands of dollars for the average homeowner.

Post Tagged with home affordablility, home prices, homeownership, lake norman homes, lake norman real estate, rent vs buy

Traditional Closing Expenses
Discount Points
Origination Fee	%
Lender Processing Fees	$
Credit Report	$
Appraisal	$
Title Insurance	$
Reconveyance Fee	$
Recording Fee	$
Wire and Courier Fees	$
Endorsement Fee	$
Title Closing Fee	$
Title Document Prep Fee	$
Other Fees	$

Price of Home	$
Down Payment		%
Mortgage Term		yrs
Interest Rate		%
Monthly Payment	$

Monthly Gross Income	$
Monthly Debt Expenses ^[?] Monthly Debt and Obligations Should Include: Monthly Credit Card Payments Monthly Auto Payments Monthly Child Support Monthly Association Fees Other Monthly Obligations, but NOT utility bills.	$
Down Payment:	$
Interest Rate:	%

Home Ownership Still The Core of The American Dream

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