Purchase Loans

The purchase mortgage loan is any financing used to finance the purchase transaction of a real estate property. Although the typical community bank will only offer a handful of purchase mortgage programs for their customers, there are actually hundreds of different programs available for the home or real estate investment purchase.

Tax loopholes and benefits make mortgages and real estate properties excellent tax shelters. The interest that homeowners pay on their mortgage loans are tax-deductible, which reduces the borrower's taxable income. With investment properties, interest is normally not tax-deductible. However, real estate investors can deduct certain expenses--the most profitable of which is depreciation.

This article will provide anintroduction to the purchase process that may help home buyers and real estate investors save hundreds, perhaps thousands, of dollars. For more information about purchases, please see the "Homebuyer Guide," "Mortgage Deed and Promissory Note" and "Closings and Transactions" articles.

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