You would be surprised if you ever calculate the amount of money you are paying on your rented home. For instance if you are paying a rent of $1000 per month on the home that you are living in, then your property management company would make an approximate amount of $36,000 in three years time. What it implies is that you are actually paying for your land lord's mortgage rather than building your own equity. It makes real sense thus in paying the mortgage on your own home rather than living on rent. But of course there are plenty of questions that would come to your mind once you have decided to purchase a home for yourself.
Some of the most important questions that should and definitely would come to your mind are:
I don't have the money to buy a home at the moment
You would be surprised to know the there are many loan options available that do not demand any down payment or only a very low one. In many cases the seller is only too willing to help the buyer in making the purchase, if they wish to sell the home early.
Tax deductions is one of the major benefits of home owner ship. There are going to be many queries regarding the tax deductions that can be answered immediately. These are:-
What amount of tax would be deducted?
Although the tax deductions vary but there are some solid rules formulated by the IRS. Publications like Publication 530, Tax Information for First-Time Home owners, is very thorough, as is Publication 936, Home Mortgage Interest Deduction. For quick reference, you can refer to Tax Topics 505, Interest Expense, and 504, Home Mortgage Points can be a great help in gaining information on the taxes. It is also advisable to consult a CPA who would answer all your queries regarding the taxes.
But a few basic facts that you should be knowing on your finger tips are:
a) The real estate taxes are paid during the settlement and are done through the escrow account. Basically they are deductible on the primary residence.
b) The mortgage interest is deducted on the loan that is taken in order to purchase, build, or refurnish your home. The lender provides the borrower with a mortgage interest statement (Form 1098) to list the total interest paid during the year. This includes any deductible points during the year.
c) Pre-paid interest is deducted in the year it is paid. Once a real estate transaction is paid then the borrowers pay their interest on the loan falling between the closing period and the first of the next month. Since the mortgage payments are made in arrears so therefore there is an interest due to the new lender that must be paid in advance.
d) If you are constructing your home then the interest on the construction loan is deductible and also the construction cannot exceed the period of 24 months prior to the date that you move in if this is going to be your primary residence.
Getting Seattle refinance aid is not at all difficult. You can contact the experts in the domain and get the suitable seattle refinance mortgage for you. There are many low down payment as well as the no down payment programs that are available.
Some of the most important questions that should and definitely would come to your mind are:
I don't have the money to buy a home at the moment
You would be surprised to know the there are many loan options available that do not demand any down payment or only a very low one. In many cases the seller is only too willing to help the buyer in making the purchase, if they wish to sell the home early.
Tax deductions is one of the major benefits of home owner ship. There are going to be many queries regarding the tax deductions that can be answered immediately. These are:-
What amount of tax would be deducted?
Although the tax deductions vary but there are some solid rules formulated by the IRS. Publications like Publication 530, Tax Information for First-Time Home owners, is very thorough, as is Publication 936, Home Mortgage Interest Deduction. For quick reference, you can refer to Tax Topics 505, Interest Expense, and 504, Home Mortgage Points can be a great help in gaining information on the taxes. It is also advisable to consult a CPA who would answer all your queries regarding the taxes.
But a few basic facts that you should be knowing on your finger tips are:
a) The real estate taxes are paid during the settlement and are done through the escrow account. Basically they are deductible on the primary residence.
b) The mortgage interest is deducted on the loan that is taken in order to purchase, build, or refurnish your home. The lender provides the borrower with a mortgage interest statement (Form 1098) to list the total interest paid during the year. This includes any deductible points during the year.
c) Pre-paid interest is deducted in the year it is paid. Once a real estate transaction is paid then the borrowers pay their interest on the loan falling between the closing period and the first of the next month. Since the mortgage payments are made in arrears so therefore there is an interest due to the new lender that must be paid in advance.
d) If you are constructing your home then the interest on the construction loan is deductible and also the construction cannot exceed the period of 24 months prior to the date that you move in if this is going to be your primary residence.
Getting Seattle refinance aid is not at all difficult. You can contact the experts in the domain and get the suitable seattle refinance mortgage for you. There are many low down payment as well as the no down payment programs that are available.