Unlike renting, every payment towards your mortgage builds equity in your home. This can be a significant wealth-building tool over time, turning your housing cost into an investment.
With a fixed-rate mortgage, your monthly housing costs stay the same over the life of the loan. In contrast, rents can increase over time.
As military personnel, you're eligible for VA loans, which often offer lower interest rates, no down payment, and no private mortgage insurance. This can make homeownership more attainable.
Owning a home provides more freedom than renting. You can personalize your space, have pets, and enjoy other benefits without worrying about landlord restrictions.
If you receive new PCS orders, you can rent out your home. This can provide a passive income stream, and your property continues to appreciate.
The military's BAH can help cover your mortgage payments, making homeownership a feasible option.
Buying a home allows you to put down roots and become part of the community, which can enhance your and your family's experience while stationed at Great Lakes Naval Station.
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