Benefits of Home Ownership as Discussed with Gregg Marcus from Somerset Mortgage Lenders

Melville, NY (PressExposure) July 09, 2009 -- "At Somerset Mortgage Lenders we strive to keep the public educated with tips meant to help make getting your loan as easy and painless as possible. To this end over the past few months we have been putting together several brief explanations of common mortgage questions. I'd like to now discuss the topic of the benefits of home ownership" said Gregg Marcus, Executive Director, Somerset Mortgage Lenders.

Mr Marcus continued "Home ownership has its benefits, a quite a lot of them, at that. The following are several of the key benefits of home ownership" he said.

here is an excerpt:

Investment Value: Statistics collected by such organizations as the Office of Federal Housing Enterprise Oversight has shown that real estate, though in moves cyclically up and down throughout the years, maintains a consistent trend of appreciating in value over the long run. Homeowners tend to consider their homes their primary investment and a hedge against annual inflation.

Tax Benefits: Tax rates encouraging home ownership make owning a home an excellent tax shelter.

Mortgage Interest Deduction: Take a look at any monthly mortgage statement and you'll see that the largest portion of your monthly payment applies towards mortgage interest. Provided that the balance on your mortgage is less than the purchase price of your house that mortgage interest you pay is completely tax deductible. According to IRS Publication 530 property taxes on a first home (as well as a vacation home) are also completely deductible from your income taxes.

Capital Gains Exclusion: If you remain in your home for at least 2 out of the previous 5 years, you are eligible to exclude as much as $250,000 (for individuals) and $500,000 (for married couples) of your capital gains profits, without requiring you move up or purchase a replacement home, and without any age restrictions. Every 2 years you're allowed to exclude these thresholds from your taxes, so you could conceivable sell your home every 24 months and pocket all the profits without being taxed on any of it (certain limitations apply).

Preferential Treatment: Upon the sale of your home, and so long as you've owned the home for at least a full year, if you make more than the permissible exclusion in profits, the amount is taken as a capital asset and is given preferential tax treatment.

Equity; Every month, a portion of your monthly mortgage payment is applied towards your loan's principal balance, thereby reducing your loan obligation.

About Somerset Mortgage Lenders

Specializing in: purchases, debt consolidation, divorce buyouts, home improvement, mortgages, refinancing, reverse mortgages, FHA loans & more


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Somerset Mortgage Lenders is a mortgage banking firm that prides itself on attaining the highest ethical and moral standards and is dedicated to providing quality mortgage products at value pricing to our customer. Somerset has a long-standing history of servicing its local community as a reliable mortgage company. Our goal is to establish a successful partnership with our customers, staff, investors, and markets that respect the interest and goals of each party. Somerset Investors Corp. has been built on the belief that to be successful in mortgage banking it must first begin by molding itself as a customer service firm that provides quality service to the public. To this end, Somerset has used its considerable experience and expertise to recruit and train top service professionals. At Somerset Investors Corp. Co, we have deployed state-of-the-art technology to process loans in a quick, efficient and compliant manner. This allows us to offer accurate, concise information with an emphasis on customer education. We expedite all loan applications so that borrowers can address their financial needs as soon as possible. Somerset will help you reach your goals, as we have helped thousands of others. Our customers frequently come back to us when they’re ready for new loans, and they send their family and friends to us as well. Somerset Mortgage Lenders can help you when other lenders won’t. We work with people with all types of credit, equity, and income.

Press Release Source: http://PressExposure.com/PR/Somerset_Mortgage_Lenders.html

Press Release Submitted On: July 09, 2009 at 3:08 pm
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