When deciding between renting just a little longer, or purchasing a home instead, it can be easy to focus just on the monthly rent mount vs. mortgage payments alone.
But when you add up all that you pay out towards your mortgage per year, home ownership can actually SAVE you thousands of dollars a year when you factor in the mortgage tax deduction credit!
Here’s how it works … any interest you pay on your residential home mortgage (up to a $1 million loan) is FULLY TAX DEDUCTIBLE. Interest paid on a second home can be tax deductible, too! And that’s just the start of the tax breaks that home ownership provides!
We’ve found a really cool calculator that we think you will love that helps you figure out how much money buying a new home will you will save each year on taxes.
If it turns out that buying this year (before interest rates rise higher!) makes more sense than continuing to rent, please contact us today, find out how much loan you can afford, or start your search at dmv.thereduxgroup.com!