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Informative Articles

Home Office Tax Expenses
Self-employed individuals often work out of their own home. If this is the case with you, here's a primer on home office tax expenses you can claim on your taxes. Home Office Tax Expenses America is a country built on small businesses....

Looking for a Tax Deduction? What You Need to Know Before Donating a Vehicle to Charity
(ARA) - How much of a deduction can you take on this year's tax return for donating the clunker-of-a-car in your garage? Donor beware, there are a few things you need to know before giving your vehicle to charity. Research the Charity A...

Navigating the college savings programs
As a parent, the big financial concern with a newborn is how to set aside enough money to assist for a college education. Universities and state governments have developed many different financial savings plans to encourage parents to save money...

New Mexico Income Tax Help – What Credits, Rebates and Deductions are available?
Who qualifies for the rebates and deductions? There are credits, rebates and deductions that many taxpayers may not know about that can give you some New Mexico income tax relief. To qualify for any of the income tax credits and rebates you must...

Tax Preparation and Filing Online
The main reason I began to use tax preparation software a number of years ago was "comfort" - I still did my own taxes but wanted to be sure I wasn't missing out on any potential deductions or savings. Using electronic tax preparation gave me this...

 
Home Mortgage Loan - Should I Rent Or Own A Home

Owning a home means more responsibilities, but with a host of rewards, including:

Investment value Monthly mortgage payments can be comparable to rent - or even lower - and you're building equity in an investment that can increase in value. This equity can be used to get money saving home equity loans or as a down payment on your next home.

Tax-deductible interest Rent is usually not tax-deductible, but mortgage interest (including points) on your home usually is. The mortgage interest deduction can dramatically reduce your income taxes. Visit the IRS web site at irs.gov for more information about deductibility.

Stable payments When it's time for renter's leases to renew, they may be hit with steep rental rate increases. A fixed-rate mortgage can banish unwelcome dents to your budget. A fixed-adjustable mortgage has stable payments from three to seven years, but starts at a lower interest rate and monthly payment. Your monthly mortgage amount, excluding property taxes and insurance, will be the same for as long as your interest rate is fixed. As your salary increases, payments become more affordable.

Freedom to be creative When you own a home, you can say good-bye to the stale white walls and limited storage space of most rental property. Bring on the paint, decks, customized closets ... homeownership can open up a whole new world and improve your quality of life.

If you're unsure about your job or where you want to live, renting may be the way to go. But if you're tired of the renting lifestyle and ready to accept the responsibilities of homeownership, it makes sense to buy sooner than later. Even if the mortgage payment is more than your current rent, it's worth scrimping for the short term to enjoy the long-term benefits.

For more information about home loans, visit our website and learn more about financing options to purchase your first home.

About the author:

Bill Joy is a loan mortgage officer for Sunshine loan and mortgage services. Visit us at http://www.sunshinemortgageservices.com/">http://www.sunshinemortgageservices.com/"> http://www.sunshinemortgageservices.com/ for loan and mortgage and services.

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