Many people do not understand the benefits of homeownership, especially first time home buyers. Following is a list of some of the financial benefits:
• Provides stability and opportunities for financial security and personal wealth.
• Interest paid on your home mortgage is tax deductible
• Your take home salary may become greater. Every $3,000 in tax deductions makes you eligible for an additional tax deduction. Update your W4 Form with your employer.
• Mortgage insurance is tax deductible providing your income is less than $100,000
• Able to exclude up to $250,000 for an individual or $500,000 for a married couple of profit from capital gains if you have lived in the home for two of the past five years.
• Faster you reduce your principle, the faster your equity will grow.
• Homes appreciate; therefore, you will build greater equity.
• The current federal home tax credits provides you an opportunity to build equity.
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