Atlanta’s Best New Homes Show recently interviewed Nichole Allison, Sales Manager of New American Funding for another segment of Mortgage Minute. In this segment, Nichole discusses the benefits of closing before the end of the year.
Many people think there isn’t enough time left in the year to close on a new home and are deciding to wait until after January 1, 2020. Nichole with New American Funding sheds light on the topic, saying there is plenty of time to get a loan close and get a client in a new home before the end of the year. Not only is it possible to close, but there are also ample benefits that go along with it.
One of the best advantages to closing before the end of the year is the tax benefits. After closing on a home this year, even in December, there is mortgage interest that can possibly be deducted from taxes.
“Your lender will provide you with tax forms,” said Nichole. “It is a 1098 and that details the interest that you’ve paid for the year. It also details all of the property taxes that you’ve paid. So that is another option to look at for a tax deduction.”
Other areas where tax deductions are possible are any energy-efficient upgrades made to the home or a house bought through discount points or true origination points. To see if you qualify, Nichole suggests taking a closing disclosure and 1098 form from the lender to a CPA.
In addition to various tax deductions, builders are also extending wonderful incentives towards the end of the year. New American Funding is also giving out incentives including additional closing cost credits and upgrade opportunities.
To find out more about this particular program or any other New American Funding services, visit www.NewAmericanFunding.com or call 404-323-4748.
Watch the full Atlanta’s Best New Homes Show interview with Nichole Allison below.