Tax benefits on buying a new home: opt for mortgages

The Benefits of Owning a Home & How To Reduce the Loan

12:46 19 March 2013

There are several ways to reduce your mortgage or obtain a cheaper mortgage.  The main way, besides having a down payment, is to see if you qualify for any benefits that may assist you with your home purchase.

 

Some of these benefits can come from you or your spouse’s work if you had to relocate, or one of you have been in the army or military.

 

• If you were in the military there is a veteran’s benefit package that includes you to save on your home loan. This may include several ways such as a lower interest rate, only paying back part of the loan and lastly assisting you with the move.  If you are still in the military there is even more assistance than if you are retired from the military. 

 

• The military normally moves the whole family to a new home upon a change in deployment or a move to another base location.  This typically includes costs for housing so that the whole housing costs do not fall on to the family to pay.

 

• You might want to check with the government or tax office to see if you qualify for any tax benefits of owning your home. You should look into this not only for the original buy, but also if you have made any improvements to the house such as installing solar panels or any energy efficiency new furnace, water heater or any major appliance. 

 

• You might also be able to get a credit on your taxes if you installed new windows that seal the air out of the house better. 

These are just some of the ways to reduce and benefit from buying your home. There are more ways and you can look up online for cheaper mortgage options. Also always check with the tax bureau as they may be continuously updating for home owners and making it easier to get money back.