Orlando Real Estate

Save My Mortgage Interest Deduction

February 22nd, 2011 12:54 PM by David W. Welch

Check out this website put together by the National Association of Home Builders. http://savemymid.info/ Let me say that while the tax benefits of the mortgage interest deduction are important, that should not be the sole reason you should buy a home. First, you buy a home to have a place to call your own. In some situations it may make more financial sense to rent, but if you plan to stick around a while you should at least consider purchasing. In many cases in Orlando right now your mortgage payment could actually be less than your rent payment. That can make the decision really easy at least from the financial standpoint.

Regardless of where you live or the home you are in, if the mortgage interest deduction is lost, it will become more difficult to "justify" financially a decision to purchase your own home. I think most people see themselves moving up someday to a bigger home or a nicer neighborhood, and while you may not benefit a great deal from the mortgage interest deduction right now you may benefit more as you move up. Even with this in mind the statistics on savemymid.info reveal that it is not the super high end homeowners that benefit most. The middle class gets the greatest benefit, but younger homeowners will feel the biggest pinch if the mortgage interest deduction is ended. Most people want to keep it around, I know I do.

 

David Welch Real Estate Optimist, Orlando Real EstateAny Home-Any Phone

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Posted by David W. Welch on February 22nd, 2011 12:54 PM

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