By Payton Moody
Debating on purchasing your first home? Are you considering the costs compared to renting or leasing? There are many factors to keep in mind when buying a house, and it is important to consider every avenue. Understanding the benefits of homeownership can help make the decision easy. First National Bank & Trust Co. is here to assist Citizen Potawatomi Nation tribal members across the United States with becoming homeowners.
Return on investment
Owning a home is more than just a purchase; it’s an investment in your future, especially in regard to establishing a family. It is a gateway to long-term financial success. Instead of paying monthly rent to a landlord, mortgage payments go toward building equity. In a sense, this creates savings for the future. Homeownership also can provide potential tax deductions.
Making consistent mortgage payments on time demonstrates to lenders that you are a good borrower and pose a low risk for defaulting. This strong credit history will be helpful in the future when applying for car loans, making home improvements or paying other major expenses.
Aside from the financial benefits, homeownership also gives people a sense of pride in themselves and embodies the “American Dream.”
At First National Bank & Trust Co. of Shawnee, Oklahoma, we are dedicated to helping you find the solution that best fits your lifestyle and budget. Our bank is one of the few financial institutions that provides HUD-184 home loans from the U.S. Department of Housing and Urban Development, available only to federally recognized tribal members. Our mortgage lender, Jeff Scroggins, specializes in these home loans and is dedicated to finding the right fit for you.
No matter your current financial situation, we are committed to service. Our team of experts are here to make the seemingly difficult process of purchasing your own home a breeze. First National Bank is here to help in all of life’s tough decisions, so give us a call today to get started: 405-275-8830.