Did you know that the second largest financial benefit of owning a home is tax savings?

A homeowner can deduct points used to obtain a mortgage when buying a home, mortgage interest paid during the year, and property taxes.

Mortgage Interest Deduction

The biggest tax benefit lies in the homeowners ability to deduct the annual interest paid on a mortgage from income!!

Home Acquisition Debt

Any first or second mortgage used to buy, build, or improve your home is considered to be home acqusition debt. Interest on a mortgage taken out to buy, build or improve your home after October 13, 1987, may be fully deducted only if the total debt from all mortgages, amounts to $1 million or less for married couples and $500,000 or less for singles or married couples filing separately.

Property Taxes

Homeowners usually pay property taxes to a local or state government. In most cases, property taxes are deductible.

Freedom Home Finders is fully equipped to help you on the road to homeownership. As you can see this road is chock full of tax benefits!!!