Learning Center

Tax Benefits

One of the biggest advantages of owning a home is that the interest on your mortgage is 100% tax deductible. Loan fees and points paid to discount your interest rate are also deductible.

Furthermore, you can deduct up to $100,000 in debt from a Home Equity Line of Credit.

The example below demonstrates how mortgage tax deductible benefits can make home ownership more affordable than renting – even with no money down.

Average area rents: $2,650/month
Average sales price of area home: $600,000

5/1 Interest-Only ARM with 1st and 2nd Trust Deed
1st Rate 2nd Rate	5.750% (5.104% APR) 5.900% (5.274% APR)
Down Payment	$0
Estimated Monthly Payment	$2,890
Tax and insurance	$765
Tax Deduction	- $1,050*
Estimated Real Monthly Cost	$2605

*Based on 30% tax bracket. Consult a professional tax advisor for specific details.

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Pre-qualification List

Find out what documentation you will need when you apply for a pre-approval.

Loan inquiries and applications in states where I am not licensed will be referred to a Loan Officer who is licensed in the property state. Equal Housing Lender. Prospect Mortgage is located at 15301 Ventura Blvd., Suite D300, Sherman Oaks, CA 91403. Prospect Mortgage, LLC (Unique Identifier #3296) is a Delaware limited liability company licensed by the Department of Corporations under the California Residential Mortgage Lending Act and operates with the following licenses: AK Mortgage Lender/Broker License #AK3296; AZ Mortgage Banker License #BK0903027; To check the license status of your CO mortgage broker, visit www.dora.state.co.us/real-estate/index.htm; GA Residential Mortgage License #16984; IL Residential Mortgage Licensee #6424; Kansas licensed mortgage company; MA Mortgage Lender/Broker License #MC3296; MS Licensed Mortgage Co.; MT Residential Mortgage Lender Licensee #120; Licensed by the NH Banking Dept.; Licensed Banker-NJ Dept. of Banking and Insurance #9932414; NV Division of Mortgage Lending Mortgage Banker #1173 and Mortgage Broker #3095; Operates as Prospect Lending, LLC in NY (Licensed Mortgage Banker-NYS Banking Department); OR Mortgage Lender Licensee #ML-2006; PA Dept. of Banking license #22122; RI Licensed Lender #20021343LL, Loan Broker #20041643LB; licensed by the VA State Corp. Commission as MC-2195. This is not an offer for extension of credit or a commitment to lend. All loans must satisfy company underwriting guidelines. Information and pricing are subject to change at any time and without notice. This is not an offer to enter into a rate lock agreement under MN law, or any other applicable law. Prospect Mortgage, LLC - NMLS Consumer Access

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Disclosure last updated August 30, 2011

MetroPro Insurance Solutions, LLC is a licensed California insurance agency; CA License 0D69289. MetroPro Insurance Solutions, LLC, is a division of Prospect Mortgage, LLC, the company that is providing your mortgage services. Use of MetroPro Insurance Solutions, LLC may provide Prospect Mortgage, LLC with a financial or other benefit. You are not required to use MetroPro Insurance Solutions, LLC as a condition of settlement on the closing of your home.