So you’ve decided to buy a home and now you want to know what kind of Mortgage Applicationtax benefits you’re going to see. The first-time home buyer is going to be pleasantly surprised at how much of a rebate he or she may get in return.

This is often why loan officers are so anxious to work with first-time home buyers as they know they should have a great financial bonus the next April filing period.

First Time Homebuyer Credit

The first time homebuyer credit has been put in place specifically for situations like this. Make sure you keep track of all your documentation, so your tax accountant can prove the qualification easily. If there is a problem, they can let you know what other documents are required. However, this is an immediate financial benefit that resulted from purchasing a home.

Using Mortgage Points as Deductions

The points on your mortgage can now be used as an itemized deduction. Here is yet another reason why it’s so important to keep files of your own. At the end of the year, you’ll have immediate access to how many points you have paid on your mortgage and what rebate you should expect to receive.

Real Estate Tax Rebates

Real estate taxes can be deducted up to a certain amount, allowing you to adjust your annual income. This lowers the taxes that are due and lets you keep some money in your wallet. Of course, there are specific numbers that must be discussed, but this is another financial benefit for first time homebuyers.

Mortgage Calculator ImageWith incentives like this, as well as the benefit of paying for your own property, instead of maintaining someone else’s, it’s hard to not see the value of a personal purchase. Rather than spend years making other people money, invest in the future of you and your family. Talk to a loan officer about how you can become a first time homebuyer today!

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This is filed under Home Buying.

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