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Residential Home Mortgage Bradenton | Bank of England Mortgage in FL

Bank of England Mortgage Blog — Why Rent When You Can Buy?

Why Rent When You Can Buy?

A debate continues about the choice of home rental or ownership, and each side will offer opinions about why their choice is best. Here at Bank of England Mortgage in Sarasota FL, we feel home ownership is the best use of your money. Here’s why:

Tax Savings

Home mortgage interest may be deductible if you itemize your taxes. Current mortgage interest deduction is capped at $750,000 mortgage value, unless you signed your mortgage before 2018 when mortgage loans up to $1,000,000 applied. In addition, there are deductions possible for property taxes up to a point. Contact your tax advisor for more information or specifics.

Accumulating Equity

A key part of owning a home is the ability to build equity. When you rent the money you spend is gone. When you own the equity accumulates as the loan is paid off. This equity can be put to use later with an equity line of credit, or give you leverage to purchase a more expensive property when needed in the future. Equity becomes a bigger factor as housing values rise in your area, because the increased value makes the equity work as a positive investment which has made you money when you sell. Accumulated equity can also be a benefit when you reach senior citizen age, because you can use it to apply for a reverse mortgage if you wish to remain in your home and get paid for it. Keep in mind that reverse mortgages have some drawbacks so review them carefully.

You Have a Stable Living Situation

Home rental always has an underlying tension because a landlord can refuse to renew your lease at the end of your agreement. You are also subject to rent increases or other conditions which could cause you to have to move. When you own a home and obtain a mortgage from Bank of England the mortgage principal and interest remain the same for the life of the loan. Changes can occur if you include insurance and property tax escrows in your account because those fees can change over time. As long as you pay the mortgage you don’t have to worry about being forced out by a landlord. Owning a home gives you peace of mind for many reasons.

If you are looking to buy your first home or refinance your existing home please call Bank of England Mortgage at 941-361-1280. We look forward to helping you finance your dream home at Bank of England in Sarasota.

Residential Home Mortgage Bradenton

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Mortgage Lender Sarasota County | Bank of England Mortgage | Venice

Bank of England Mortgage Blog — Choose Bank of England Mortgage Today

Choose Bank of England Mortgage Today

Bank of England Mortgage has been serving our customers since we opened in 1898 in England Arkansas. We offer a great selection of nationally available mortgages as well as a level of customer service far above our competitors. Our mission is to provide great mortgage rates while offering stress-free closings.

We are the only mortgage lender in southwest Florida who handles underwriting and loan processing in-house. This allows us to close faster with fewer errors and delays. We also offer a full range of mortgage products including:

  • Condo loans
  • Bridge loans
  • JUMBO loans
  • VA and FHA
  • Conventional loans

The advantage of being a national loan processor is that we can provide financing to Florida owners who wish to own property elsewhere, or for out-of-state owners looking to purchase a second home or other property here in Florida. All of our employees live and play here in the greater Sarasota area so we are very familiar with the real estate market here. We understand the complexities of the real estate and mortgage markets here in Florida and can provide professional and personal service to each of our customers.

If you are looking for a personal touch when looking for home financing, come to Bank of England Mortgage and let us wow you. We are located at 235 N Orange Avenue in Sarasota. For more information about our services please call us at 941-361-1280. We look forward to offering you down-home personal service at Bank of England Mortgage!

Mortgage Lender Sarasota County