Some homeowners may end up paying more per month than renters, especially over the first few years. With renting, you aren’t building equity or ownership interest in your home.
When you pay your mortgage, you are building equity every month and, eventually, you will own your home. Long term, owning is generally less expensive than renting.Building that home equity over the life of your loan will help you achieve other goals, like paying for college or saving for retirement.
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Every month that you make a mortgage payment, you are decreasing the amount you owe on your mortgage and moving one step closer to owning your home free and clear. Your SONYMA monthly mortgage payment will remain the same for the life of your mortgage. Itemizing annual mortgage interest and property taxes on both your federal and New York State income tax returns may result in tax savings. Enough money in the bank to pay your down payment and closing costs.Sufficient income to cover the costs of homeownership while still meeting other debt obligations.A credit history that shows a willingness to make your payments on time.A two-year history of continuing, reliable, and verifiable income.
Understanding what these are-and knowing what you need to have in place before applying-is important in deciding if homeownership is right for you. Before applying, you should consider the risks and benefits of homeownership. Purchasing a home may be the largest investment you ever make.
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