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Disclaimer
- Answer: You'll love the feeling of having something that's all
yours - a home where your own personal style will tell the world who you
are. A thriving vegetable garden in the backyard, a tiled entryway, a yellow
kitchen...when you own, you can do it all your way! But there's more to
owning a home than personal satisfaction. You can deduct the cost of your
mortgage loan interest from your federal income taxes, and usually from your
state taxes, too. And interest will compose nearly all of your monthly
payment , for over half the number of years you'll be paying your mortgage.
This adds up to hefty savings at the end of each year. And you're also
allowed to deduct the property taxes you pay as a homeowner. If you rent,
you write your monthly check and it's gone forever. Another financial plus
in owning a home is the possibility its value will go up through the years.