Owning a home is an accomplishment and a commitment that will help build financial security and stability for you and your family.
Dominion Homes believes that everyone should have the opportunity to be a successful homeowner and take advantage of all the benefits of homeownership.
Benefits of Homeownership
- Homeownership is an investment that has consistently, on a long-term basis, shown a positive return.
- Homeownership fosters community involvement and pride in a neighborhood.
Homeownership brings family stability.
- Homeownership builds equity and wealth, which allows you to plan for future goals like your child’s education or your retirement. The median net worth of most modest-income homeowners is almost $60,000 compared to less than $10,000 for renters in the same income group (source: The Federal Reserve Board–Survey of Consumer Finance).
- Homeownership provides tax benefits: the typical homeowner that pays a $1,000 mortgage payment will realize a tax savings of about $120 each month.
Know the Facts
- Most experts agree that your mortgage payment should not exceed 33% of monthly gross income (this includes your mortgage principal, interest, home insurance, and taxes). This is just a rule of thumb so be sure to consider all of your monthly financial obligations when determining the right amount for you and your situation.
- Be sure to understand the type of loan offered to you. Be aware your payment may increase because of taxes or a variable interest rate. Be certain that you are able to make your mortgage payment and meet other financial obligations if your payment increases and your income does not.
A financing option is not always the best option simply because it is available and offered to you. Be sure that you understand your loan terms and repayment obligations.
Take a course offered by Dominion Homes, the Columbus Urban League and Homes on the Hill or another source about managing a monthly household budget and understanding your credit.
In an overwhelming majority of foreclosures, life-changing events such as death, divorce, health, or job loss are contributing factors. If you encounter a “life-changing event,” contact your lender and discuss options for payments – they will very often work with you so that you can stay in your home.
Most importantly, go into your home purchase well-informed. Ask questions and verify the information that you are given. Nationwide, more than 99% of homeowners manage homeownership successfully, enjoying all the benefits of personal homeowning.
Additional Sources of Information
Publications:
- The 106 Common Mistakes Homebuyers Make and How to Avoid Them
by Gary W. Eldred; 1994
- The American Bar Association Guide to Home Ownership
published by the American Bar Association; 1995
- Buy Your First Home!
by Robert Irwin; 1995
- First Home Buying Guide: How to Do it Right the First Time
by H.L. Kibbey; 1996
- A Guide to Homeownership
published by FannieMae Foundation; 1994
To obtain a copy contact:
Customer Education Group
3900 Wisconsin Avenue, NW
Washington D.C. 20016
1-800-357-1724
- The Homebuyer's Survival Guide
by Kenneth W. Edwards; 1994
- How to Buy a House
by Joel Makower; 1990
- How to Buy Your Home
by Sue Beck; 1984
- Tips and Traps When Buying a Home
by Robert Irwin; 1990
Useful Web Sites:
|
|
|
