Most bank are requiring you to put in a down payment when buying a home. Gone are those days where you can get zero down payment or borrow second mortgages as your down payment if you are obtaining conventional mortgages. Nowadays, it's either you saved up for it, borrow from your retirement funds (401k, IRA, etc) or qualify for FHA loans, which offers zero to 3.5% down … [Read more...] about Need A Down Payment For Your House? Your City or County May Have Free Money For You
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Claiming Mortgage Interest Credit On Your Tax Return
If you think that there are no more tax credit for first time home buyer's credit, think again!! One tax credit that has been around since 1984 but has been overlooked by most home buyer is the mortgage credit certificate program or simply called MCC. However, this is not a program administered by the IRS but a program supported by your local agencies (county, city or a … [Read more...] about Claiming Mortgage Interest Credit On Your Tax Return
Schedule A: Interest Expense You Can Deduct
Interest expense is the amount of money you pay for the use of borrowed funds. Certain types of interest expense may be deductible depending on where you use those borrowed money. Most consumers have various debts such as home mortgage debt, auto loans, credit card balances, student loans, business loans, and investment loans. Most of these interest expense are reported on your … [Read more...] about Schedule A: Interest Expense You Can Deduct
The Home Mortgage Interest Deduction
One big advantage of owning a home is if you carry out a mortgage when you first purchase it, the mortgage interest that you paid may be tax deductible. This may include the loans you used to purchased your home, the second mortgage, or home equity loans. To be deductible, the mortgage loans must meet all of the following tests: Mortgage is a secured debt on a qualified … [Read more...] about The Home Mortgage Interest Deduction
Why It Makes Financial Sense To Buy A House
Home ownership will always be a dream for majority of us. We seem to associate home ownership with the standard of living. Thus, some of us would feel a sense of  improvement on our living status after we bought the house. We also feel that we have a sense of financial security knowing that we own something of value. Of course, you don't totally own it yet because more than … [Read more...] about Why It Makes Financial Sense To Buy A House