Southern Bank
Southern Bank
1580 E. 10th Street
Roanoke Rapids, NC 27870
252.535.3043
A mortgage represents a loan or lien on a property/house that has to be paid over a specified period of time. Think of it as your personal guarantee that you'll repay the money you've borrowed to buy your home. Mortgages come in many different shapes and sizes, each with its own advantages and disadvantages. Make sure you select the mortgage that is right for you, your future plans, and your financial picture.
There are many great reasons to own a home:
•You’ll have a place that is yours!
•You’ll own it, have a place to raise your children and become a part of your community. You can pass your home down to your children, and their children, creating security for generations to come.
•You may pay less to own a home than you would to rent – and it’s yours at the end!
•Homeownership can reduce the federal income taxes you pay. You can deduct the interest on your mortgage and property taxes you pay on your home on the tax returns you file each year. These tax savings partially reduce, or offset somewhat, the actual cost of owning your home.
•Your monthly payments won’t ever go up if you choose a fixed-rate mortgage!
•If you choose a mortgage with a fixed-interest rate (one that stays the same for the life of the loan, say 30 years), you'll pay the same mortgage payment each month for the entire 30 years of the loan.
•You build a good nest egg!!
•Owning a home is the single greatest source of financial security and independence for the majority of people who’ve taken this step. You can have it, too!
2008 Southern Bank
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