Financial Benefits For First Time Homebuyers

Financial Benefits of First Time HomebuyersFirst-time homebuyers get these great financial benefits!

You’ve probably heard that owning a home is one of the best ways to build wealth and give yourself financial security. What you may not know, though, is that security and equity aren’t the only way owning a home will benefit your bank account.

Here are a few of the financial benefits first-time homebuyers will see when they file their taxes.

  • Mortgage Interest Deduction: All the interest you pay on your mortgage can be deducted when you file your taxes. Your lender will give you a handy form 1098 that will list all the interest your paid over the course of the year. When you first buy your home, you pay a lot of interest, so this will be a big benefit!
  • Real Estate Tax Deduction: Another line on your 1098 can be deducted from your income tax filing: your real estate taxes. Not only will you get to deduct the amount you paid to cover this tax, you can also deduct the amount you reimbursed your seller for taxes they already paid, if any.
  • Capital Gains Tax Relief: This won’t come into play until the future, but you should still know about it now. When you sell your home, you don’t have to pay taxes on $250,000 of your profit if you’re filing individually or $500,000 if you’re married and filing jointly.

Want to join the ranks of first-time home buyers so you can start reaping these benefits? Contact Avis Lending in Irvine, California or Lahaina, Hawaii to get the mortgage you need to bring your dream of homeownership to life! Our expert team is here to guide you through the mortgage process to make sure you avoid common first-time mistakes, helping you get into the right home with the right mortgage.


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