June is National Homeownership Month

Buying a home is one of the biggest financial decisions you’ll make.

Whether buying your first home, refinancing, or renovating – McLean Mortgage Corporation understands what a significant part of your life your home represents.

These are several benefits that can come with buying vs. renting!

  • Security & Freedom. Your home provides security for your family and allows you the freedom to live by your own standards.
  • Community. By owning you become part of a community
    and will develop relationships that can last a lifetime.
  • Tax Benefits. Your rent can’t be deducted from your taxes, but
    most of the mortgage payment is tax deductible, which significantly lowers your cost after taxes.
  • Investment. A home is a great long-term investment. Studies by
    the Federal Reserve Board show that owners have an average net
    worth over ten times that of renters.
  • Forced Savings. While all of your rent goes to your landlord;
    a good portion of your mortgage payment goes to pay down what
    you owe so you’re building equity every month.

Are you interested in purchasing or refinancing your home? Contact us today to get in touch with one of our Mortgage Advisors!

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Step 1: Plan Your Home Buying Budget

You do need a few items readily available before you start contacting lenders about a mortgage. Having these things up front will make the process easier and less stressful.

Step 2: Get Mortgage Preapproval

Both the approval process, and the rates available are very subjective. What might have been a factor in your friend’s mortgage approval or the rates they received might not affect your approval or rates, and vice versa.

Step 4: Closing on your new home

Your comprehensive guide to what to expect when buying a home: who you’ll work with, what timeline to expect, and what you’ll need to do to ensure the process runs smoothly.

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