Top 4 Mortgage Myths | Home Buyer Solutions Group
  1. Write off the interest you paid on a mortgage of up to $1 million, as long as the property is your main or secondary residence.
  2. Deduct the interest you pay on home equity loans of up to $100,000, so long as you are not subject to the alternative minimum tax or AMT (unless you use the loan for home improvements).
  3. Deduct your state and local property taxes from your federal income taxes, where applicable.
  4. Deduct certain home buying expenses including points, and prorated interest and property taxes.
  5. When you sell your home, you may not have to pay federal income taxes on the earnings from the sale, up to $250,000 for single filers or $500,000 for joint filers, as long as you used the home as a primary residence for at least two of the five years prior to selling. Some states offer this as well.
*The above may not apply to all homeowners due to factors such as income levels that could limit or eliminate the above tax advantages. It is not intended to be inclusive but rather highlight some of the common advantages of owning a home. We strongly encourage you to consult with your own tax advisor before making any decision to purchase a home to determine if the above will apply to you."
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