Via
Lenn Harley Homefinders.com MD & VA Real Estate:
HOME OWNERSHIP MAKES MORE FINANCIAL SENSE THAN EVER.
First Time Home Buyers - It's time to buy a home. The average interest rate for a 30 year fixed mortgage is about 4.750% on a national basis (Source: Chase Home Mortgage).
All home buyers who do not have a home to sell are in the best position to buy a home with good interest rates than in many years. Foreclosures and Short Sales have made homes available at prices not seen since about 2003 in many areas.
Most First Time Home Buyer programs are available to home buyers who have not owned real estate for the previous 3 years. The low rates make home ownership very competitive when compared to paying rent.
Additionally, the mortgage interest tax deduction will help you make your mortgage payment. Home owners are entitled to an additional tax deduction for federal taxes for each $2,000 of mortgage interest paid. Further, local real estate taxes are also deductible. We recommend that prospective home buyers check with the payroll office at their place of employment to calculate the additional cash in your paycheck by changing your Form W-9 to reflect mortgage interest reduction of withholding.
Courtesy, Lenn Harley, Broker, Homefinders.com, 800-711-7988, E-mail.
"I love it Honey, can we afford it?"
"Yes, Dear. The payments will be less than our rent."
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