While you might not think of your mortgage as an employee benefit, it can be!
A mortgage could save you thousands of dollars over the course of your career, and depending on your employer’s policies, you might be able to get one at below-market rates through your place of work.
Here are some reasons to get your mortgage through your employer!
When an employee purchases a home using their company’s mortgage benefit, they often get additional perks such as cashback or employer matching.
If your business provides any type of financing for its employees to buy homes, you should utilize such perks.
This allows employees who are more likely to stay at your company longer and happy about their decision of choosing your business over another one.
Showing your staff that you truly care about them and their future will encourage them to stay at your business and work harder than ever before.
Advantages of Employee Mortgage Benefits
Think you’re in no position to take advantage of employee mortgage benefits?
Think again. Employee mortgage benefits offer several advantages that you may not be aware of—and it’s time for them to become more popular in U.S. organizations.
Not only do they help retain valuable employees, but they also support existing home ownership and offer tax savings along with added financial security for your future or that of family members.
Disadvantages to Consider
As with all employee benefits, there are some drawbacks to keeping your mortgage off your personal balance sheet.
One potential drawback is that you are responsible for making loan payments. If something should happen, you are responsible for making these payments yourself. This could potentially impact your credit score or put other aspects of your financial well-being at risk.
The good news is that there are good mortgage brokers who specialize in helping clients with less than perfect credit to get a mortgage.
You can read more at 1st UK Money about the services provided by a bad and adverse credit mortgage broker.
Other Financial Benefits That Complement Employee Mortgage Benefits
Employee mortgage benefits can be used in conjunction with other employee benefits that may provide higher savings, such as financial planning and insurance, particularly disability insurance.
Disability insurance offers protection against income loss due to sickness or injury and is an important part of any benefits package.
An employee might choose to use both health and disability coverage with their company-sponsored mortgage benefit.
If you’re an employer looking for ways to add value for your employees, you could look into how adding mortgage insurance or home-buying assistance can provide long-term benefits for everyone.
With no upfront costs and just a small monthly fee, employers can gain goodwill and create employee loyalty through these added benefits.
Employee benefits packages and other work perks not only attract top talent but help you to maintain a happy, loyal, and fully committed team of dedicated employees.