Jackson Abstract & Title Company
Serving the Title needs of Jasper County, Texas


   Becoming a Homeowner   


“The American Dream”

For most people, buying a home is one of the most important decisions they will have to make.  This decision should not be taken lightly.  This is an excellent time to consider purchasing a home because of interest rates and tax advantages of owning a home.

Buying vs. Renting

The big question many face is “Can I afford to purchase a home?”  A more important question to ask is “Can I afford to continue to rent?” Making monthly payments on a mortgage increases your equity because you are buying something tangible, unlike paying monthly rent payments. Homes do not always appreciate at the same rate, but real estate has historically kept pace with the rate of inflation, and has at times appreciated faster. Another thing to remember is that it is more likely your income will increase faster than your mortgage payment, but rent payments tend to change faster and at greater amounts to go with wage increases.

Mortgage Rates

Mortgage rates for a conventional, 30-year fixed rate mortgages are at a reasonable range now.  There are also other affordable forms of financing.  Your real estate agent can provide information on types of financing plans.

Homeowner Tax Advantages

Property taxes and interest payments on a mortgage for your homestead (owner occupied home) are tax-deductible.

Home Value Appreciation

When a home is sold for more than was paid originally, the gain is not taxable if another home is purchased for a price equal to or greater than the price of the home sold.  You can recognize a tax-free gain of up to $120,000 if you are over the age of 55.  If this is your first home it is important to seek qualified assistance to get the help you will need to purchase the home of your dreams! 

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