Your Home Mortgage

By Spencer Ray

Buying your own house in is on the list of the '25 things to do in life' of every young man who passes out of college with a good education. If you are also thinking of the same, then the only decision you have to make is when. Although, you would wish to have enough much money that you can buy the house by paying cash, it is nothing more than wild imagination.
If you are serious about buying your house then you must consider taking a mortgage. This is a better option than renting an apartment because there are associated income tax deductions. If you rent an apartment, you have to shell out the rent with no income tax deductions. However, if you have taken a mortgage, then the amount of interest you pay gets deducted from the amount of income tax you pay. In effect, you pay less tax and save more. And saving is something which the government wants to encourage in every individual who earns.
So the question is not whether to take a mortgage but when to take. Think about it. You will probably take a mortgage with a 30 year term, which means every month starting from the month you take the mortgage; you have to pay the interest amount. This amount may be a significant percentage of the salary you receive, thus leaving you with less disposable income. But the good part is that you will be able to stay in your own house and be satisfied that you are providing a shelter for your wife and children.
Many young people take a home mortgage 3 to 6 years into their career. Within 3 years, they are able to settle down in a regular job and can start thinking of the future. So you can also make your decision around the same time.
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