When you have a mortgage, there’s a deduction you can take on your taxes for the interest you pay on your first $1 million of debt. If you’re a homeowner who bought your home after December 15, 2017, you can deduct interest on the first $750,000 of your mortgage. If you are going to claim a mortgage interest deduction, you have to itemize your tax return.read more
If you own a home, one of the benefits compared to renting is that each month you’re making mortgage payments, so you’re building an asset which is equity. Equity refers to the amount of your home that you truly own after you take into account the debt you owe.read more
There are tax implications of making home improvements, but only in specific situations. When it comes to your taxes, a home improvement might include any work done that increases the value of your home substantially, improves the useful life of the property, or creates new uses.read more
Buying a house is one of the biggest things you might do in your life. The final step in the process is typically the closing. Once you reach this point, it can be a relief because you’re through the arduous underwriting process, but what should you expect when you’re closing on a house? The closing date is usually decided during the contract negotiation. It’ll be listed on your purchase agreement. A seller accepts your offer, the earnest money is paid, and then, at some point you’ll have your closing.read more
Freddie Mac's results of its Primary Mortgage Market Survey® shows that "The 30-year fixed-rate has remained within a very narrow range over the last month, settling in at 6.69% this week. Given this stabilization in rates, potential homebuyers with affordability concerns have jumped off the fence back into the market. Despite persistent inventory challenges, we anticipate a busier spring homebuying season than 2023, with home prices continuing to increase at a steady pace."learn more
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