Nevin Williams has done it yet again! In a clear and concise post he has managed to highlight the benefits of homeownership, emphasize the $8,000 Tax Credit (only available for a short time), explain the method for tax deduction for the TI portion of your PITI (if you don't get that JUST READ his post) and, of course, make me laugh!
I don't want to say that there "has never been a better time" to buy a home. That is such a relative phrase. I do want to underscore the significance of THIS cycle of real estate activity! Homes for sale in the Wake Forest NC area are priced realistically and the variety of homes available currently certainly allow multiple choices for first time homebuyers! What was available to you last year or the year before just became alot more attractive.
If you are still betwixt and between on your decision to purchase a home you may actually miss this great opportunity! Hesitant about whether you can qualify? Give Nevin Williams a call. He can help you with your credit score, credit report, and get you right in line as to what you can afford - most importantly he can help you decide what you can COMFORTABLY afford!
Once Nevin Williams has you squared away with your pre-qualification give ME, Leesa Finley, a call! I can help you explore some of the most amazing neighborhoods in Wake Forest NC and work with you to keep your sight on the prize - Home Ownership! There are some simply amazing homes for sale in the Wake Forest NC area that fall at and below that $150,000 example that Nevin Williams illustrated below! Intown living, country living, townhomes, condos, single family homes, and of every design you can think of to fit ANY family profile!
Life in Wake Forest NC gets more and more attractive everyday!
Wake Forest home for rent... What are you doing?
You would most likely drive a few miles out of the way and wait in line for 30 minutes for a free tank of gas (a $50 value more or less) but you'll walk away from Eight thousand dollars $8,000? Explain to me..no better yet, explain to yourself how this makes sense.
Okay so it's not about money, it's a big decision and you aren't sure you can qualify or afford a mortgage payment right? Check this out:
If you pay $800 a month in rent, you could buy a $150,000 house*! Sure sounds better than searching Wake forest homes for rent doesn't it?
Got a question? Contact me
I did the math for you: Assuming you buy a $150,000 house instead of finding a home for rent in Wake Forest your estimated monthly mortgage payment would be as follows (5.5% rate APR5.75%):
Principal, interest and PMI (mortgage insurance)= 882.25
(After a small down payment of 3.5%($5,250) - you can even have family gift it to you or use your 401K!)
Estimated taxes= $121.25 Estimated insurance $35 for a total payment of $1,038.50
Wait! So how does this equate to a rent payment of $800? Simple.... Mortgage interest and PMI is tax deductible***!
Here is an example **882.25 - 25% = 661.69 + taxes and insurance = $817.94
Eventually you could own your own home free and clear in Wake Forest but will you ever own homes for rent?
Does your apartment owner own a home? Why are you buying it for him/her with that rent check? Why are you buying him/her the apartment complex too?!
Here's the truth: $$$$$$$ Owning a home is the first step to building wealth. $$$$$$$$
EQUALS
For me it's a little complicated with all of the math and loan terms but for you it isn't. Buy a house, get up to eight thousand dollars from our government and you can pretty much say that Uncle Sam gave you a nice down payment.
Why are you searching the internet looking for Wake forest homes for rent when you could be calling me to see if you qualify? If you do then call Leesa Finley of Circa Properties so she can find that perfect house, home, investment..whatever... for you! She specializes in Wake forest homes and the amenities in the area.
See what I mean by clicking here
Change your search from Wake forest homes for rent to Nevin Williams or Leesa Finley and own it instead!
Got a question? Contact me
* The little asteriks mean that you would have to qualify and that there is no guarantee that you can buy this house. You already knew this but the government thinks you don't know any better so I have to throw in this disclaimer along with others.
** Here is another disclaimer (YIPPEE!) I am not a tax professional and the formula I used of 25%-30% interest deduction is for demonstration purposes only. This is a rough estimate and hypothetical. There is no guarantee that you will get a 25%-30% interest deduction so always check with a licensed and qualified tax professional to see how much if any interest you can write off.
*** If you earn over 100,000 gross annual income you will not be able to deduct your PMI payments against your taxes.
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Whether you are buying or selling Real Estate in Wake Forest NC it just makes sense to use a Realtor® that knows the area! I live here, work here and play here - I call Wake Forest NC home! For more information regarding Wake Forest NC be sure to visit my websites:
- Leesa Finley - Homes for Sale in Wake Forest NC, Wake Forest NC schools, restaurants, shops, entertainment and MORE....
- Circa Properties - My company website with information for the entire Raleigh NC area including Cary, Apex, Garner, Franklinton, Youngsville, Holly Springs and MORE....
I saw Nevin's blog this morning and it's nothing short of brilliant!
Great job re-blogging this crucial information Leesa.
Leesa, people are really surprised by the tax deduction on the "I" part of the PITI. And that's the thing that so often reduces their net payment to at or even less than their rent. Good post!
Craig - Yes, Nevin did a wonderul job hence, the re-blog!!!!! ;)
Pat - I am grateful that Nevin did this original post - there is some wonderful information in it!