Value of a Home Mortgage

Owning a home doesn't just bring with it the pride of ownership and the ability to maintain and modify your home as you see fit, it brings with it something else valuable, especially relevant around tax time -- tax deductions!

Interest paid on mortgages is tax deductible, plus your real estate taxes are too. Now it may vary given your income, location, etc. so contact a tax professional or licensed CPA to learn more about how much you can save.

The bottom line is you can own your home and, especially in this market, enjoy it for less than renting. Plus with FHA home loans permitting a minimum of only 3.5% of the purchase price and sellers typically providing credits to pay other settlement costs home buyers can get into a home without a huge life savings. For instance, in Frederick, MD many single family homes with 3-4 bedrooms, 2 full baths, on a 1/3rd of an acre are going for under $250,000. That means with $8,700 down you can get a home. Plus with the $8,000 tax credit you may be able to apply it to your 2009 taxes and get all but $700 of your down payment back fast if you are a first time home buyer.

The same is true for cities throughout Maryland with prices varying depending on their location. But home ownership can now be a reality once again in Olney, Gaithersburg, Rockville, Silver Spring, and even Bethesda.

Wondering how much home you could afford? Check out my loan payment calculator here:

http://stevehane.com/Loan_Calculator.html

Still want to know more about the value of owning your own home, check out this article from the New York Times:

http://www.nytimes.com/2010/03/20/your-money/mortgages/20money.html


If you are thinking about buying or selling give me a call or send me an email and I can help, 571-236-3810

Thanks,

Steve Hane
Realtor

stevehane.com

I Sell Houses Realty
Equal Housing Opportunity

I'm now a Realtor with I Sell Houses Realty

I recently switched my broker affiliation to I Sell Houses Realty LLC in Frederick, MD. This new brokerage allows me to offer a wider variety of services from full service representation for buying or selling to broker price opinions (BPOs), fixed price listings in the MLS, and help with renting properties too.

Home Buyer Tax Credit

The Home Buyer Tax Credit is an excellent way to get $8,000 if you are a first time home buyer (haven't owned your primary residence in the last 3 years) or $6,500 if you have lived in your primary home that you have owned for the past 5 years. If you are married both you and your spouse must meet either one of these conditions, however folks are working on addressing this marriage penalty as I write this: Click here for more info.

These credits can be applied to your 2009, 2010, or 2011 taxes.

You must have a ratified contract by April 30, 2010 and close the deal by June 30, 2010.

For more details and an eligibility test for the Home Buyer Tax Credit check this link out:

http://homebuyertaxcredit.com/

Check with a tax professional to verify your eligibility.

To start shopping for a new home and/or sell your current one contact me today by clicking here or call me at 571-236-3810.