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Home Ownership as Part of Your Financial Plan

It's often said that a home is the largest investment that most of us will ever make. How effectively you manage home ownership will have a strong influence on the rest of your financial picture. Whatever your stage of home ownership, there are things you should know in order to maximize the benefits of this investment.

Generally, there are two areas where home ownership will have a positive influence on your finances, equity and tax benifits.

Homeowners build equity with each payment and through appreciation in the value of the property. Equity is a powerful asset that helps you develop financial security. You can apply this equity in a number of ways:

  • As a down payment on your next home
  • To finance a child's education, make home improvements, purchase a vacation home or maintain it as a reserve against unexpected emergencies
Mortgage interest and real estate taxes are generally tax-deductible. Paying rent has no such benefit. It's a good idea to discuss the potential tax benefits with your tax consultant prior to making any decisions regarding home purchase or refinancing. Don't make any assumptions based on what your friends and family may have experienced.

Purchasing Your First Home

There are many new mortgage programs available that put home ownership within the reach of more people than ever before. An SCCU mortgage representative can assist you in finding the right mortgage at the right price.

If you don't have stellar credit, you have options. It is still possible to be approved for a mortgage or you can make a decision to begin preparing for approval by repairing your credit starting today.

Refinancing Your Current Mortgage

By refinancing, you may be able to lower your interest rate and reduce your monthly payments, shorten your loan term or consolidate debt. This can allow you to improve your cash flow, build equity faster or strengthen your overall financial picture. It is important to take the time to decide if refinancing will provide the benefit you seek.

Tapping into Your Home's Equity

Most of us are familiar with the term “home equity loan,” but are not aware of all the options available. There are a wide variety of fixed-rate programs and home equity lines of credit (HELOC) that can be matched to your specific needs. For example, have you considered opening a HELOC that you can draw on in case of emergencies?

Whatever your needs regarding home financing, it is important to work with a lender that offers a wide selection of first mortgages and home equity loans. This helps to ensure that you will get the product that meets your needs. You don't want your decision to be influenced by a lender's limited offering.

  • SCCU Routing Number: 263177903

Space Coast Credit Union membership is open to all who work or live in Brevard, Broward, Flagler, Indian River, Martin, Miami-Dade, Monroe, Orange, Osceola, Palm Beach, Seminole, St. Johns, St. Lucie, or Volusia Counties in Florida.

  • Brevard: 321-752-2222
  • Broward: 954-704-5000
  • Miami-Dade: 305-882-5000
  • All Other Areas: 800-447-7228

*APR = Annual Percentage Rate. ^APY = Annual Percentage Yield.

Space Coast Credit Union (SCCU) © 2015



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Member Rewards

Member Rewards is an exclusive Space Coast Credit Union program that provides benefits such as free or discounted services based on your level of participation in the credit union.

  • Gold members may order one FREE box of SCCU logo checks per year.
  • Platinum members may order unlimited FREE boxes of SCCU Exclusive Style checks (one box at a time).
Learn more about the Member Rewards program.