The Ways in which Home Ownership Offers Extra Flexibility and Protection

by Eileen Jacobs on November 29, 2011

In some respects, owning a home is safer and more flexible than renting. Yes, you read that first sentence correctly. If you quit renting, your property owner will kick you out of the home fairly swiftly. What happens if you give up paying your home loan? Will you be living on the street tomorrow? The short answer is no.

Obviously, if you quit paying your mortgage, you will be thrown out of your home at some point. Nonetheless in the present day’s environment, you will probably be well placed to remain in the property for quite a while. Perhaps a long time. It’s not uncommon for people to stay in their houses for more than a year after they give up paying their loans. The legal obstacles that lenders are required to jump through take substantial time. You can truly use this to your advantage if you really need to.

How will this contribute to your financial security? Because, if you lose your job or experience a significant health problem, you simply do not need to stress about living homeless overnight.

Naturally, you pray it never comes down to that situation. If you recently bought a house and lost it after the real estate bust, you should not let that prevent you from buying another house in the future. In fact, you might be eligible to purchase once again in a couple years. Additionally, low prices and low rates make properties reasonable. Buying is less expensive than leasing in quite a few regions.

Finally, owning a home is a dream for most Americans. If you’ve never purchased a home before or lost a home to foreclosure, there’s still no reason to abandon that dream. As stated earlier, you must pay to live somewhere. Additionally, there’ll always be risk in your life. As the cliche claims, security is just an illusion. With today’s low costs of home ownership, there is little added risk.

Eileen Jacobs is a mortgage consultant with over 30 years of combined financial experience. Las Vegas Mortgage

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