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  • Added for You - Deduct Thousands in Taxes when Buying a Home

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    loan where you're going from a 200,000 loan at 7% interest (approx $14,000
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    Mortgage Interest Tip:

    As you probably know, mortgage interest is generally fully tax deductible. For example, being in the 28% federal tax bracket has the effect of lowering your borrowing costs by almost a third. The part of this equation that most people don't consider is a "Move Up" home loan where you're going from a 200,000 loan at 7% interest (approx $14,000

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    erally fully tax deductible. For example, being in the 28% federal tax bracket has the effect of lowering your borrowing costs by almost a third. The part of this equation that most people don't consider is a "Move Up" home loan where you're going from a 200,000 loan at 7% interest (approx $14,000
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    cket has the effect of lowering your borrowing costs by almost a third. The part of this equation that most people don't consider is a "Move Up" home loan where you're going from a 200,000 loan at 7% interest (approx $14,000
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    e part of this equation that most people don't consider is a "Move Up" home loan where you're going from a 200,000 loan at 7% interest (approx $14,000
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    loan where you're going from a 200,000 loan at 7% interest (approx $14,000 in interest deduction) to a $300,000 loan at 7% interest. (approx 21,000 in interest deduction) That extra $7,000 can usually be deducted right off of your income for the home interest deduction.

    This applies to a "Move Down" bome purchase or a lower mortgage amount. Both are fine, just figure

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