Mortgage Interest Deduction Can Help Families Afford Homes

The home mortgage interest deduction saves the average homeowner thousands of dollars at tax time, helps support community home values and assists the first time buyer purchase a home.

A tax deduction for mortgage interest makes owning a home more affordable because the deduction lowers the amount of tax you pay.

It has been estimated that 37% of homeowners with an outstanding mortgage spend more than 30% of their income for housing. By paying less for housing will give you a larger disposable income for savings and other expenses.

By making the American Dream a reality for many will increase the number of renters who can afford to buy a home of their own. With more potential home buyers in the market, it will help keep home prices stable for current home owners.

A mortgage interest deduction will apply to any home owner who is a U.S. taxpayer and who itemizes their taxes. Mortgage interest from a primary residence or second-home debt totaling $1 million, and interest paid on home equity debt of as much as $100,000 will be eligible.

For help in finding and closing on your perfect Hoboken home, contact Eddie Perez, Broker-REALTOR, CDPE. Eddie’s market includes Hoboken, a progressive city  where they’re always coming up with new ways of making it a better place to live, Jersey City, Weehawken and Union City. Eddie can also be reached by phone at 201-344-2886.

 

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