Mortgage Stimulus | Taking Advantage of the Options
While buying a home should not depend entirely on what kind of incentives the government or the IRS might provide, you can use mortgage stimulus plans and government mortgage assistance programs to make your home more affordable.
There are several different kinds of mortgage stimulus programs that may be available to a new home purchaser, as well as programs that may benefit existing homeowners. Some mortgage stimulus plans come in the form of tax credits, which allow you to receive money back on your taxes (regardless, in some cases, of how much you pay in taxes) if your home purchase and income levels meet specific qualifications.
Other mortgage stimulus programs come in the form of government mortgage assistance programs which help finance your home loan or provide loan options for home purchasers who do not qualify for traditional loan products.
An ongoing form of mortgage stimulus is the tax deduction you may be able to take on the interest and insurance you pay on your primary residence. For the most part, these costs are tax deductible and reduce the amount of income you must pay taxes on. These deductions are only available if you are filing Schedule A with your form 1040 and not taking the standard deduction.
Stimulus plans are one way the government helps to fuel the housing economy, and this type of government mortgage assistance often comes in times of economic downturn because when the housing market is slumping, it affects the rest of the nation’s economy as well.
Even if you do not qualify for the mortgage stimulus plan offered by the government, you may still benefit from the existence of the plan. Historically, when the housing market is in a downturn, interest rates usually fall, and existing homeowners are often able to refinance their existing mortgages at a lower interest rate, which provides significant savings, in effect becoming a stimulus of its own.
In order to stay current on what kind of mortgage stimulus plans and government assistance programs might be available to you, talk to a lender or mortgage broker; brokers are often able to match you with the best loan product or mortgage stimulus plan that meets your specific needs.
Biography: Monica McKinney is a Mortgage Loan Strategist, licensed and certified in Real Estate and Mortgage Loan Brokering. Monica is also an Award Winning Writer and has just authored an exciting new mortgage approval guide, “Mortgage Approved!: Your Easy All-In-One Home Loan Kit, The ONLY Mortgage Approval Guide You’ll EVER Need”. This great approval guide book is filled with insider secrets, mortgage loan help and mortgage loan tools. Get more mortgage information from Monica. Click: Get Informed…Get A Mortgage