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Happy National Homeownership Month

In 2021, 65.6% of Americans own their own home. That rate has increased to the highest point in 8 years. Especially over the course of the last year, our homes have become so much more than a house that we live in – it’s become our sanctuary, our new office, a classroom (for adults and kids) and a creative outlet to express our styles more openly and unapologetically.

In previous blogs we discussed that real estate in one of the best investments you can make, and it isn’t just from a financial standpoint that it is beneficial but other factors like, pride of ownership, giving yourself a safe space that allows for a sense of security and privacy. It also encourages you to participate in your neighborhood and community.

The financial benefits are great in a sense that owning a home builds equity and that equity grows with each payment you make as you reduce your loan amount and own a larger percentage of your home. Right now, is a prime example of increased appreciation because interest rates are low, and inventory is even lower. If you have a next plan and can sell your home, you may get one of the biggest bangs for your buck. If you have investment properties, it may be beneficial to consider selling one or multiple properties, paying off certain debts that you have an invest elsewhere again. It also allows for stability. The last blog the Jen Martinez Team posted stated, a renter will typically pay 26% of their income towards their rental, whereas a homeowner will typically pay 16% of their income towards housing and you can often pay hundreds of dollars more a month to rent than to own.

A family enjoying breakfast in their new home

Homeownership is a great reward and should be celebrated. It is highly encouraged to own real estate if you are able to and there are many great programs like FHA, Conventional, VA, Doctor loans and other types that may be more beneficial to you when finding the right mortgage type and house for you and your family.

If you own a home now, rejoice in how homeownership has added value to your life and financial plans. If you want to become a homeowner, reach out to the Jen Martinez Team to see how we can make that dream a reality for you. It’s not just a loan for us, we’re here to help guide you through the journey, whether that be right now for a pre-approval or to understand the steps and needs for you to get that pre-approval, CrossCountry Mortgage is here for you.

All information provided in this publication is for informational and educational purposes only, and in no way is any of the content contained herein to be construed as financial, investment, or legal advice or instruction. CrossCountry Mortgage, LLC (“CrossCountry”) does not guarantee the quality, accuracy, completeness or timelines of the information in this publication. While efforts are made to verify the information provided, the information should not be assumed to be error free. Some information in the publication may have been provided by third parties and has not necessarily been verified by CrossCountry.