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Residential and Commercial Mortgage Solutions! |
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818 Rt. 202-206 North • Bridgewater, N.J. 08807 |
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Planning for home ownership
Home ownership has long been touted as the American Dream and for good reason. (More than six out of every ten families live in a house they own.) With proper planning and discipline, it can be very attainable and do wonders for your quality of life. Rent or buy? Rent or buy calculator CLICK HERE! Buying a home has many distinct advantages over renting. Here's just a few of the things you can do as a homeowner: 1) Take that tax deduction. This is probably the sweetest part of homeownership. The mortgage interest you pay on your home is tax deductible. And when you consider that you can often finance a home for about the same amount per month. You can actually come out ahead with ownership. Other expenses you may be able to deduct as a homeowner are points (fees charged by the lender), a partial chunk of the closing costs and real estate property taxes. 2) Don't forget the added benefit of home equity. By investing in your home, you are actually taking part in an appreciable investment in which you build equity. In time, this equity can help you finance other major purchases, such as a college education or a new car. The interest on home equity loans is usually tax deductible, too. 3) Live the way you want to. You can customize your home to your heart's delight. If you need to modify a room into an art studio or would like to try some funky wallpaper, it's your call. No need to worry about how to get around the landlord's rules. Many home improvements will actually add to your home's value. And your home improvement costs may be used to reduce your capital gains tax when you sell. Prior To Shopping For A Home How much house can I afford calculator CLICK HERE! Before you go very far in your quest for a new home, you'll want to start off with a firm knowledge of how much home you can really afford. As a general rule-of-thumb, you can probably afford a house that costs up to two and one-half times your annual gross income (that's before taxes). And if you are buying with a spouse or roommate, you can add in their income for calculation purposes. But you'll need a little more to go on than just that quick calculation. There are a lot of other factors that will weigh into how much home you can ultimately afford, such as how much cash you have available for a down payment and closing costs, your monthly income (before tax), and debt payments and credit history. Begin your shopping with confidence through a pre qualification program. CLICK TO PRE QUALIFICATION PAGE. Pre-qualification tells you how much mortgage you are eligible to receive if your loan application is approved. It shows sellers that you are serious about buying a home - and helps you narrow down your search to homes within your price range. |
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Home | Home Purchase | Insurance Solutions | Apply On-line | Refinance Your Home | Special Offers |
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Telephone (908) 722-9217 • Fax (908) 722-2827 |
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