Wondering about the tax credits and how they affect you?

Tax time again.  Are you wondering how you can reduce the amount of tax you will pay?

The government has an incentive in place.  If you purchase a home or are a first-time homebuyer, you will receive a credit on your taxes. However, the contract to purchase the home must be binding (buyer and seller agree) by April 30th, 2010 and the settlement date by June 30th, 2010.

Now this is the tricky part.  It is April and only four weeks until the deadline. Please, if you are thinking of purchasing a home, please do so in the next several weeks.  After the credits expire, it will be too late.

As you know, interest rates are at an historic low.  With the tax credits and low interest rates, home buying is very affordable.  You can save on taxes and have an affordable mortgage payment.  Can’t hardly beat that.

Now is a great time to refinance, especially if you have an Adjustable Rate Mortgage (ARM).  I would advise you to refinance as soon as you can.  Even if you don’t have an ARM, by refinancing to a lower interest rate, you can lower your monthly house payment and save money.

If you are like me, you want to know all the facts.  Below is the IRS link for more information about the tax credits.

http://www.irs.gov/newsroom/article/0,,id=215791,00.html

A word to the wise–please don’t hesitate if you are considering a home purchase in the near future.

Tags: Buy a home in Ogden, first-time homebuyers, home buying in Ogden, low interest rates, Tax Credits

Posted on Friday, April 2nd, 2010 at 3:15 am and is filed under Buy a House, Financing, First Time Home Buyers, Mortgages, Questions and Answers. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.