Owning a home can be a rewarding experience. This section will help you understand your options and make the most informed decision when you are ready to buy.
The Best Things About Owning Your Home.
The Home is yours, so you can make it your own. When you own your home, you have the freedom of turning it into your personal space, unlike renting.
Building Equity. As you pay down your mortgage, you can build equity in your home. In timem you may be able to use your equity towards other financial goals. Whether you get a 15 or 30 year mortgage loan, at the term, your home will be yours. Renter will pay rent every moneth indefinitely.
Expenses that May be Deductible.
Your interest payments. If your are paying interest on a mortgage loan, these payments may be deductible. Your lender will provide you with an annual 1099 form, which will be used when you prepare your income taxes.
In the early part of your mortgage, your monthly payments will go primarily towards interest. In other words, your tax deductions will be the highest in the first 5 years.
Real Estate Property Taxes.
Property taxes are deductible on your income taxes. Average annual property taxes are 1.25% of your purchase price.