Primary Residence
Primary Residence:
A person’s primary residence is the dwelling where they live, typically a house or a condo. A person can only have one primary residence at any given time, though they may share the residence with other people.
A primary residence is considered as a legal residence for the purpose of income tax and/or acquiring a mortgage.
Advantages:
All interest on the mortgage may be tax deductible*
Establishes credit history
Secured investment
Builds equity
Can be used to borrow against
Gift funds are allowed.
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*Supreme Lending is not a licensed CPA or Tax consultant and therefore, cannot determine if your mortgage interest will be eligible as a tax deduction per IRS code. You are advised to contact a tax professional. This in no way implies you are guaranteed a tax credit.