Buying a home or any kind of property is one of the biggest investments you will ever make. That’s why mortgages in Halifax are so popular. The benefits of a mortgage cannot be overstated — it goes beyond just borrowing money. Let’s take a closer look at them.
1. A Faster Way To Homeownership
One of the best benefits of a mortgage is that you can become a homeowner faster. You don’t have to pay the full price of the house to own one. You can either put down 30% on a home and get a mortgage for the other 70%, paying it off over the next 15 to 20 years.
Check out our free mortgage calculator to get an idea of your mortgage payments.
2. It Boosts Your Credit Score
Paying out a mortgage loan on time positions you as a reliable borrower and therefore can boost your credit score. The better your credit score, the simpler it will be for you to borrow money in the future. Lenders will have more confidence in your capacity to pay debts.
3. Maximize Your Cash Flow
Mortgage payments free up some of your cash flow. It enables you to place your money on more investments, for family funds, or have cash on hand in case of an emergency. A mortgage allows you to maximize your possibilities, while still having the home of your dreams.
4. Full Home Ownership
A mortgage gives you the advantage of the privacy, independence, control, and solitude that come with being a homeowner. There will be no landlord entering your home whenever they want. You can make modifications and repairs. The home is entirely yours.
5. It Is Tax-Deductible
Your mortgage interest is tax-deductible if you use your home as a rental property in Canada. You can deduct as much as 100% of interest — depending on the duration it is rented out.
A mortgage is a perfect example of leverage. Typically, if you put down 30% on a home and have a solid credit history, you’ll be able to buy the property outright. If you only put 30% down, you’ve got a 70% loan-to-value ratio.
7. It’s A Great Asset
Mortgage leverage is especially useful in rising real estate markets like Canada. Capitalizing your investments with a mortgage may increase your return on investment.
Say you put down $250,000 on a $1 million house. Come five years later, it may be worth $1.7 million. Once you’ve sold it, you’ve made a profit of $700,000!
Overall, getting a mortgage is one of the best ways for anyone to buy a home. The benefits of a mortgage offer flexibility and more financial benefits in the long run. However, the benefits you get from a mortgage will only be as great as the mortgage you choose. So, make sure to do your research and find one that fits you and your goals.
Reap All The Benefits Of A Mortgage With Premiere Mortgage Centre
Here at Premiere Mortgage Centre, we put you as a priority. All our solutions are completely curated and tailor-fit. Our goal is to provide you with the most reasonable and flexible financial options that address your specific needs.
We’re also partnered with industry-leading lenders to find you optimum rates. Work with Canada’s award-winning mortgage brokerage today! Reach out to us by clicking here.