CONSIDER THE POSSIBILITIES – Renting vs Owning a Home
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