Buying a residential property will likely take a considerable hit on your wallet—but luckily, there are a few financial advantages available to homeowners. Depending on certain factors like your finances, mortgage and property, you may be entitled to receive certain tax deductions that could save you significant funds. Here are a few common tax benefits that you can take advantage of.
Whether or not a buyer receives a mortgage is ultimately what can make or break the purchase of a new home. Without one, an individual may not be able to afford loan payments, taxes and insurance. To receive a loan in the first place, one must meet with a mortgage broker to find the right plan for them. There are also a few important questions to ask to help ensure the home buyer’s financial well-being.
In December of 2016, the Federal Reserve decided to increase the key overnight bank lending rate by a quarter of a percent for only the second time since the 2008 financial crisis. It may not seem like much, and it may only be a short-term deal, but this will produce major consequences for the housing market and affect long-term loan rates for homes.