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.
*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.
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Notices. Saturn Commercial Finance Inc., dba Titan Lending Solutions NMLS ID #2480814 (www.nmlsconsumeraccess.org), 4445 Willard Ave., Suite 600, Chevy Chase MD 20815. This is not an offer to enter into an agreement. Information, rates, and programs are subject to change without prior notice and may not be available in all states. All loans are subject to credit and property approval. Titan Lending is not affiliated with any government agency. Copyright © 2023. All rights reserved. Equal Housing Opportunity Lender.
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