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There are only two reasons why you should not buy your own home.
1. You live with your parents or someone else rent-free or
2. You will be living in your area less than two years.
The tax savings on home ownership are clear. If you don't own a home now, buy one as
soon as you can. Here's why:
Price of home $100,000
Down Payment $ 10,000
Mortgage $90,000 @ 8.00% interest rate
Mortgage Interest $ 7,200 100% deduction on your Federal Taxes
Rental Expenses $7,200 $600 x 12 months. No Tax Deductions
Thats $7,200 just in the mortgage interest deduction for owning your home. Then you
can take into account the ability to borrow your equity and annual appreciation in the
value of your home. Renters do not enjoy any of those benefits that homeowners do.
Get the largest mortgage you qualify for. Why? To increase your return on your
investment through the power of leverage. This will free up some of your own hard
earned money for other investments and you can also use the equity in your home to pay
off your non deductible credit card debt with a home equity loan. You are using the
banks money to build your wealth. And the federal government is letting you deduct the
cost of borrowing the money!
Finally, get a 15 year mortgage if you can. Even if you do go with a 30 year, start making
extra principle payments each month. You will save thousands of dollars in interest and
pay off your 30 year mortgage in 20-25 years.
1. You live with your parents or someone else rent-free or
2. You will be living in your area less than two years.
The tax savings on home ownership are clear. If you don't own a home now, buy one as
soon as you can. Here's why:
Price of home $100,000
Down Payment $ 10,000
Mortgage $90,000 @ 8.00% interest rate
Mortgage Interest $ 7,200 100% deduction on your Federal Taxes
Rental Expenses $7,200 $600 x 12 months. No Tax Deductions
Thats $7,200 just in the mortgage interest deduction for owning your home. Then you
can take into account the ability to borrow your equity and annual appreciation in the
value of your home. Renters do not enjoy any of those benefits that homeowners do.
Get the largest mortgage you qualify for. Why? To increase your return on your
investment through the power of leverage. This will free up some of your own hard
earned money for other investments and you can also use the equity in your home to pay
off your non deductible credit card debt with a home equity loan. You are using the
banks money to build your wealth. And the federal government is letting you deduct the
cost of borrowing the money!
Finally, get a 15 year mortgage if you can. Even if you do go with a 30 year, start making
extra principle payments each month. You will save thousands of dollars in interest and
pay off your 30 year mortgage in 20-25 years.
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To Build Your Personal Financial Empire
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