Maricopa, Located just 20 miles South of Phoenix and 20 miles North of Casa Grand, enjoys the best of both worlds, a small town atmosphere close to all of the Amenities of a Big City. continued...

Build Equity

In the early years of a mortgage, the majority of your monthly payments go toward paying the interest. Over time, an increasing amount goes toward reducing the mortgage balance, or "principal." The process of paying off a loan over a set period of time is called "amortization." As you make payments, you reduce the principal and increase your share or "equity" in your home's value. If your home increases in value through "appreciation" - an increase in the value of a home - your equity builds even faster. Building equity - or savings - in your home is important. For many people, it lets them plan for retirement, pay for college and achieve other future goals.

Gain Tax Advantages

When you own a home, you can deduct mortgage interest and property taxes from your federal income taxes and some state income taxes. These deductions can mean significant tax savings, especially in the early years of the mortgage when interest makes up most of the payment. (You may wish to consult a tax advisor for your individual situation.) After calculating your taxes, you might find that it's cheaper for you to buy than rent! Keep in mind, however, that to gain these taxes advantages, you must file an annual income tax return with the U.S. government, even if you're not a U.S. citizen.

Have Stable Monthly Payments

By choosing a fixed-rate mortgage, you'll pay the same monthly principal and interest for the entire term of your loan. (The payment can go up slightly if your property taxes and insurance costs go up.) Unlike renting, your monthly payment will stay the same month after month, even when inflation leads to higher prices.

Have a Place for Your Family to Live

When you own a home, you can be secure in knowing that your family and, if need be your relatives, will have a place to live. When you rent, you might not always be able to renew your lease.

Gain a Sense of Community

Maintaining the value of your home gives you a reason to care about your neighborhood conditions. You may want to get involved to ensure the well-being of your community. You may feel an even greater sense of belonging.