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FREE Homebuyer Education Orientation
Learn the home buying process by joining the West Cook Homeownership Center on Tuesday, June 25th for our FREE Homebuyer Education Orientation at Oak Park VIllage Hall, on 123 Madison St, Oak Park, IL, from 6-8 pm. Join us, as we share:
- The steps in the home buying process
- Why you should work with a HUD approved agency
- Options for financing
- The real value of your professional partners
- Should you continue to rent or pursue homeownership
Here are some of the benefits of owning your own home:
Homeownership is an investment – Unlike a car and many other purchases that decrease in value, a home is a purchase that appreciates over time. While each local market has its own unique factors, the national median home price goes up each year, even in times of recession. As you pay your mortgage each month, your debt amount goes down, while the value of your home continues to rise. This creates the buying and reinvestment power better known as equity.
Gain equity – When it comes to homeownership, investment and equity are directly related. As you make mortgage payments each month, part of the payment goes toward the interest, while the rest pays down the principal balance. Equity can be better defined as the part of the principal balance you’ve already paid, or the percentage of your home you already own. Paying the principal is like depositing money in the bank, because that money becomes available for reinvestment in the home itself or a new home.
Take advantage of tax benefits – The federal government encourages homeownership by offering tax incentives for homeowners. The biggest one is the option to deduct interest from mortgage payments on your income tax return, especially at the start of a mortgage when most of the payment is applied to the interest. Payments on private mortgage insurance (PMI) and certain home-related purchases also qualify for tax benefits.
The West Cook Homeownership Center is a program of the Oak Park Regional Housing Center.