Buying a home can be very beneficial to your finances in the long-run. This is because a home allows you to build equity. When you make a mortgage payment each month, you build equity in a place of your own (unlike renting).
Equity is the difference between the value of the home and your outstanding mortgage. The longer you stay in your home (and the more payments you make), the more equity you’ll have. And, unlike most things you buy, a home will almost certainly increase in value over time – which builds even more equity.
Follow my blog, to find out ways to use the equity in your home.
Source: Genworth Canada
