Key Takeaways

  • First-time homeowners can take advantage of some new tax deductions
  • These deductions allow new homeowners to itemize when they couldn’t before
  • Know what deductions you can take advantage of before the end of the year

Homeownership Means More Tax Deductions

We just helped a young couple close on their first home, and they’re stoked. They have every right to be; buying your first home is a huge milestone.

And after all the paperwork and financial hurdles are overcome, it is such a relief to finally have those keys in your hand.

Fortunately for them and for other first-time homebuyers, there are a number of ways that achievement can help them that they probably don’t even know about yet. I’m talking about tax savings.

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mortgage payments
In my last post, I discussed what drives a lending decision. I also want to take a look at payment ratios/formulas and how they impact the total monthly payment for a home. The dirt is in the details…let’s consider buying a house.

Whenever my team works with a client, maybe the most frequently asked question is, “How much will this house cost me every month?” It’s understandable….a necessary question. Buying a home is a huge financial investment. Not to mention one of the most important financial decisions a person will make. I find many clients are under informed about what home ownership truly costs.

The mortgage loan is simply one variable in the grand scheme of things. Instilling confidence by providing “how to” details is important…with financial clarity comes less anxiety.

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