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• benefits of owning

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When you own your home, you build equity (or ownership) as you pay your mortgage each month. Your equity is a financial tool that can be used for a wide range of borrowing needs. In addition, you'll enjoy a tax deduction on any interest you pay toward your mortgage.¹

Your home is an investment

As a homeowner, your home becomes an investment with the potential to appreciate in value over time.

• You can sell your home and apply the proceeds toward the purchase of a new home or other financial goals.
• You'll also have the option to take advantage of your home's equity through a home equity loan or line of credit.

Benefit from potential tax savings

Because the interest you pay on your mortgage is typically tax deductible,being a homeowner has the potential to help lower your tax bill. Note that you will need to itemize your expenses in order to claim mortgage interest as a deduction, so it's a good idea to consultwith your tax advisor about your potential savings before buying a home. Learn more about the possible tax benefits of owning a home. ¹

Enjoy greater freedom and flexibility

When you own your own home, you have more freedom to renovate and remodel as you see fit. While your neighborhood association or city may have certain guidelines that may need to be met, you can generally improve your home according to your personal tastes.

Approach buying carefully

While homeownership offers many advantages, it's important to approach the home-buying process with caution.

• Owning a home isn't the right solution for every situation.If you're only going to be in your home for a few years, if your job situation is in flux, or if you aren't confident in your ability to make regular mortgage payments, renting can be an attractive alternative.
• Before you buy, you may want to consider using our online calculator to determine if you are better off renting.

Understand your time frame

Keep in mind that while buying a home can be a good long-term investment, selling a home can take longer than selling other types of investments, such as stocks and bonds.

• The housing market moves in cycles — housing prices can go down as quickly as they go up.
• You may not always be able to sell your home for the price you want at the time that's most convenient for you.
• It may take several years for your home value to increase enough for you to recover the closing costs associated withyour mortgage.

Tax advantages and considerations

1.Consult your tax advisor regarding your specific situation.