When done properly, homeownership can be one of the most proven paths to financial success. Paying a mortgage literally forces a homeowner to invest in their home each month and while savings and investing should always be an important part of a persons monthly allocation, these can be easy to skip over when unexpected expenses arise or money simply gets tight. Sometimes, if a person tends to skip savings some months, a mortgage could be the foolproof solution.
Homeownership also builds wealth thanks to the housing market. While this has a lot to do with a number of caveats on when, where, and how the home was purchased and there are always temporary fluctuations in housing values, the overall market is steady. It's likely a home that is purchased today will be worth more in the future, which in-turn creates equity. Equity is accessible over the years through different methods and loan types.
During the month of June, Fairway Wholesale Lending will observe this national celebration by sharing weekly benefits of homeownership with quick bite size informational content followed by the hashtag #homeownershipmonth *Read the "June Homeownership Month" article here.