Renting vs Owning A Home

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Stop throwing your money away on rent as $1,200 in Rent = Payment for a $150,000 Mortgage.

It’s a common misconception among renters that they can’t afford a monthly mortgage payment. However, if you can pay $2,000 a month in rent, then you can afford a $250,000 – $400,000 mortgage depending on the homes real estate property taxes.

Mortgage Interest Deduction – The interest you pay on your mortgage is tax deductible for any home loan up to $1 million dollars. As a new homeowner, this tax perk can be a big help, since interest makes up most of your mortgage payments early on.

Mortgage Interest Credit – In addition to deducting your mortgage interest payments, you may also be able to get a refund for a portion of those payments if you meet certain eligibility requirements and obtain a Mortgage Credit Certificate (MCC) prior to buying your home.

Mortgage Discount Points – Mortgage Discount Points are something you can
purchase to lower your interest rate when you first buy your home, and they’re tax deductible.

Mortgage Insurance – If you purchase a home with less than 20% down and have to pay mortgage insurance, you can deduct those payments on your taxes as long as your adjusted gross income (AGI) is less than $109,000.

Sales Taxes – The sales tax you pay when you buy your home is also tax deductible. This is especially helpful if you live in a state without income tax or if your home’s sales tax costs more than your income tax.

Real Estate Taxes – As long as your home is your primary residence, your real estate taxes (or property taxes) are tax-deductible, too.

Anthony J Marinaccio specializes in helping first-time homebuyers achieve their dream of owning a home.  He can give you an expert analysis of your financials to help you make the best decision for your current situation!

Contact Anthony today to discuss the possibilities here

Renting vs Owning

Renting vs Owning