Low Mortgage Interest Rates - Make Home Buying Affordable

By Author: Jimmy Chuang
Total Articles: 21
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Renters are now becoming potential home buyers due to affordable, low mortgage interest rates. While home buyers are investing their money, renters are merely throwing their money away. Although very different, buying a home is somewhat comparable to a bank account due to the equity that grows over time.

Though the economy is a bit shaky, more people are taking advantage of the current mortgage interest rates to finally own their own homes. First time buyers get a tax break; they can deduct the interest you paid on the loan for the previous year.

If you paid points to get your home, you can deduct up to what those points cost you. If you paid $6,000 for points, you can deduct that amount from your taxes.

Due to the current mortgage interest rates it is in your favor to itemize all your house expenditures that you are entitled to on your tax forms. This is why renting is a disadvantage compared to owning your home.

Everyone that wants to buy a home should take advantage of the current mortgage interest rates. There are many more advantages to buying a home than to renting a home.

You ...
... may also be able to deduct the paint PMI premiums (private mortgage insurance) as long as your down payment is less than 20% of your homes total cost.

Although buying a home can be frustrating, most of the work can possibly be done for your with the right help. A real estate agent can help you narrow down your choices for your home, and a mortgage broker can help you get the best possible current mortgage interest rates.

Mortgage brokers can get the best possible mortgage interest rate because they have more leeway. Your objective is the same no matter if you hire an agent/broker or if you try to find your home with no help and that is to find the best home with the best mortgage interest rate.

Once you make your decision to buy a home you will have made an investment that will put money in your pocket over time.
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