Homeownership: Freedom with Benefits
There are many benefits to owning your own home, and MidCountry Mortgage has the professional, supportive way to get you there.
There's No Place Like (Your Own) Home
Owning your home is more than just a dream for many people; it's a reality that they have attained. Here are several great reasons why they decided to buy a home:
Historically, real estate generally appreciates (increases in value) over time. This is primarily due to its gaining economic value over time with housing market increases. There are many personal reasons, too, for which your own home is an "appreciated" asset!
Mortgage Interest Deductions
Mortgage interest (the largest component of your monthly mortgage payment) maybe fully deductible on your tax return, if the borrower itemizes their deductions. This means that you might be able to subtract the amount of your interest payment from your gross income to reduce the amount of taxable income. To illustrate, if you make $60,000 a year and have a tax deduction of interest worth $2,000, your taxable income is reduced to $58,000.
Equity is the difference between the loan amount and the value of the property which is the amount you own. For instance, for every dollar you spend toward paying off your home, a percentage goes toward building equity. Also, you may find the amount of money you spend monthly on a mortgage payment less than monthly rent payments!
MidCountry Mortgage Has Your Home Loan Experts
MidCountry Mortgage is your first-time home buying consultant. We realize the importance of the big step you're taking, and we are here to support you every step of the way. Our mortgage team is here for you with up-to-date information, helpful tips, and useful planning tools for your exciting journey.
Complete Homebuyer's Mortgage Guide
Minimum and Maximum loan amounts apply. Rates and programs subject to change at any time. Loans subject to borrower qualifications, property evaluation and credit approval. All rates and program guidelines subject to change without notice based on consumer eligibility and marketing conditions. All loans subject to credit approval and compliance with underwriting standards.
A professional tax advisor should be consulted with respect to the deductibility of home mortgage interest.