Have you ever heard of a Mortgage Credit Certificate (MCC)? Wikipedia states that it is “a certificate issued by certain state or local governments that allows a taxpayer to claim a tax credit for some portion of the mortgage interest paid during a given tax year.” Simply a tax credit for interest paid on your mortgage.
This is a credit (and not a deduction) so it is money that goes right into your pocket! There are rules regarding these of course and they are not available in all areas. Be sure to inquire about the availability of an MCC for you from your tax professional (your mortgage broker might have some information as well)! This simple inquiry could get you thousands of dollars in some areas!
Looking for a good tax professional or mortgage broker? Contact one of the great agents at Tiered Real Estate and we will be happy to provide you with recommendations!