• Douglas Paterson

5 Ways That a Mortgage Can Benefit to Your Financial Future

Updated: Mar 31, 2021

Real Estate Investments Can Mean A Huge Lift To Your Financial Well-being


For many people, investing in real estate and a home is one of the largest and most important purchases they will make in their entire lifetime. Alongside having the comfort of their own home, there are many financial benefits associated with purchasing and owning your own home. If you are currently reviewing the market for purchase opportunities, here are some reasons to consider investing a sooner rather than later.



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Avoiding Some Inflationary Costs


If you have an variable rate mortgage, your interest rates will fluctuate from time to time, but owning a property actually allows you to guard against inflation and the related cost increases, which can be a significant hardship for a renter. While the price of housing and apartment rentals can rise (to varying degrees) with inflation, your monthly (or weekly) mortgage cost/payments will be relatively fixed for a much longer term.



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Retain More Of Your Money


Overall, renting may be a simpler financial obligation than owning a home, but the money you invest into a home each month contributes to your equity and overall net worth, and this is a benefit in the short term and to a greater extent your financial future. While rent money will be gone when the month is over, paying towards your home equity provides a consistent means of building wealth and net worth.


Purchasing At A Lower Price


The cost of home ownership varies around the country, and while it is certainly increasing in of the larger urban regions, home prices are lower in some areas which means, instead of having to scrimp and save for a larger down-payment, you'll be able to invest a little less and maintain a better bank balance and cash flow.


Tax Breaks


Many people hold off on home ownership because of the costs of property tax, related utilities, and maintenance costs, but there are financial benefits outside of the money you invest into your property. During ta season you may be able to receive tax deductions for costs like mortgage interest, property taxes, home insurance and utilities, that makes buying in a little easier to bear and an overall smarter financial decision.



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Owning Rental Property in Ontario


Whether you are a first-time buyer, or you have been in the market previously, owning a home in a younger, growing neighborhood can also be a great option. With younger, let established home seekers more prevalent in the market seeking more affordable living arrangements, you may find yourself in a good situation for renting the property out and reaping the financial rewards. This can be a means of substantial supplementary income for those who have been in the market a long time or for those just beginning their real estate ownership journey.


Many people hold off on owning a home because of all the associated costs, but it can be huge financial lift to buy into the market earlier to reap the financial rewards in the short and long term. If you are currently considering home ownership, you should consider speaking with one of our mortgage professionals who can help you fully understand the benefits and challenges associated with securing a mortgage.



Mortgage broker in Milton Dominion Lending Centres

Doug Paterson

Mortgage Agent in Ontario, Canada.

Dominion Lending Centres.

416.432.8836 | www.dougpaterson.com


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