Home Loans

QThe Rent On My Apartment Is $925 Per Month And I'm Thinking Of Purchasing A Home To Save Money By Writing Off My Mortgage Expense On My Income Taxes. Is A Mortgage Interest Tax Deduction Enough Of A Reason For Me To Buy A House?
AIn short, no. You must keep in mind there are other expenses involved in owning a home besides just the payment. Along with principal and interest, you will also owe property taxes, homeowners insurance and maintenance and upkeep. You could also have to pay PMI (private mortgage insurance) and homeowners association dues. Many people feel that they are throwing away their money by renting and could save every month if they owned a home or at the very least would be investing their money in themselves rather than someone else's pocket. In some cases, this may be true but it depends on your situation. If you are considering buying for the mortgage interest tax deduction, be sure you will have enough expenses to itemize. Owning a home is a big responsibility. Be sure to look at the total costs and time involved in home ownership vs. renting before you decide to take the plunge.