Benefits of Buying a Home When You Are Young

Published on April 9th, 2019

When first graduating college, some young people may not be considering buying a home: however, your twenties are a great time to invest in a home. Credit Unions near Northlake like Leyden Credit Union can help you take the next steps and invest in your future.

Building Your Credit

If you have already taken out a loan or opened a credit card, you already have established credit, but obtaining a home loan through credit unions near Northlake help you establish your credit on a much larger scale. When you have great credit when you are young, this will help future lenders have trust in you and help you secure more loans in the future. Great credit and confidence from lenders will open you up to many more financial opportunities like purchasing investment properties.

Tax Benefits

When you purchase a home, you will experience significant tax breaks. Every year you will owe less to the federal government due to homeowner tax credits. These tax breaks are applied to mortgage interest and property tax payments as well as certain expenses with federal income tax.  Check with a tax professional to help you understand the full tax benefits of buying a home.

Investing in Your Future

Owning a home means you are investing in your future. When renting an apartment or home, you are not building any equity. The thousands of dollars that you spend on rent each year could be applied to a mortgage.  After several years, you would have built a sizable amount of equity into your home. Homeownership and mortgages will also help young people learn financial discipline which can help them secure a financially successful future.  

Contact Leyden Credit Union to discuss your options for home loans.

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