June is... National Homeownership Month


Owning a home is an important part of the American dream and an important part of our way of life. Values such as individuality, thrift, responsibility, and self-reliance are embodied in homeownership.

National Homeownership Month actually started as a week-long celebration of homeownership during the Clinton administration in 1995. In 2002, President George W. Bush proclaimed June as the National Homeownership Month. Here is an excerpt from his proclamation:

“Homeownership is an important part of the American Dream…A home provides shelter and a safe place where families can prosper and children can thrive. For many Americans, their home is an important financial investment, and it can be a source of great personal pride and an important part of community stability.”

“Homeownership encourages personal responsibility and the values necessary for strong families. Where homeownership flourishes, neighborhoods are more stable, residents are more civic-minded, schools are better, and crime rates decline.”

“During National Homeownership Month, I encourage all Americans to learn more about financial management and to explore homeownership opportunities in their communities. By taking this important step, individuals and families help safeguard their financial futures and contribute to the strength of our Nation.”

During National Homeownership Month, Emerald Home Loans wants to raise awareness of homeownership and encourage more people to consider the benefits of owning their own home.

Some benefits of home ownership include:

  • Provides stability.
  • Creates positive environments for families.
  • Improves neighborhoods.
  • Homeowners are more involved in civic affairs, including voting in the last election and knowing their elected officials.
  • Builds wealth.
  • Provides tax benefits.

Is Homeownership Right For you?

  • How much debt do you have? Before you can take on a huge financial responsibility that a home is — you need to pay down, or off, debts you have. Consider consolidating loans and getting rid of credit cards. Perhaps most importantly, you need to make sure that as you reduce debt, you increase your credit score.
  • Do you have a down payment? You don't need a 20% down payment to get a loan. But putting more down can work in your favor. It can help you get better lending rates, beat out the competition in hot housing markets and will lower the amount of interest you pay over the life of a loan. You can get a mortgage with as little as a 3.5% down, but anything less than 20% means paying private mortgage insurance (PMI), which will increase your monthly payment.
  • Is your credit in good shape? You want to get your credit score as high as possible when shopping for a mortgage. The higher the score, the better the lending terms and rates. A credit score of 750 and up is generally considered excellent and will make you the most attractive borrower.
  • Where will you be living in two to five years? If you are planning on being in an area for a short amount of time (less than 2 years), then renting may be a more financially feasible option for you. Buying (and selling) a home comes with fees and costs associated with closing the deal. Your house may not build enough equity in just 2 years for you to justify paying those fees twice. And if your home does appreciate in value quickly, if you live in the residence for under two years, you will probably not be eligible for a capital gains tax exemption.
  • What is the market like in your area? It is important to find out if prices are rising/declining and what the inventory levels are like.

Contact your local lenders at EHL. We’ll make sure you have a more educated, more motivated and more confident home buying experience to make the RIGHT decision for YOU and your FAMILY! 833-EHL-1234.

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