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Most people, when buying a home, apply for a mortgage. Ultimately, when you apply for a mortgage, the bank decides how much they are willing to lend you, and at what rate. While there are a number of factors that affect the bank's assessment, your credit score does play a major role. Before you even start looking at Suffolk County homes for sale or Nassau County homes for sale, it's wise to have a good understanding of credit scores in relation to home buying. Here's what you need to kno...
By Deanna Lawley With just a month left in 2012, the number of days to benefit from year-end home buying tax benefits is dwindling quickly. We consulted real estate experts from across the country to share what you need to know when preparing to close before December 31, 2012. 1.) End of year tax benefits: If you are considering buying a home in the near future, capitalize on the remaining weeks of 2012. Purchasing your home before year-end will make you eligible for the following 2012 tax benefits: • Mortgage interest deduction: If you itemize your tax return (which you should do if your itemized deductions are greater than the standard deduction), then you can deduct the interest payments made during 2012 on your mortgage. Interest is deductible on the first one million dollars of debt, according to Ryan Himmel, CEO, BIDaWIZ. Please note: If you purchase at the end of the year, your deduction won't be as large as it will be in 2013, since you'll only have a month or two of mortg...
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