Buy Smart

Love
If you are going to buy, do it for love. Do it because it's a place you adore and will want to use for years to come. A quiet place for you, and a place to entertain family, friends and colleagues. If you've always dreamed of a place at the lake, there's no better time to buy real estate on Grand Lake than now. The more you know about Grand Lake of Oklahoma, the better you will enjoy your lake home. The long-term sale potential is there, you will see a positive upside.

Taxes
A little help from the IRS can ease the expense of a second home. If you use the house for at least 14 days a year, you may be able to deduct the mortgage interest just as you would for your primary residence (assuming your total mortgage debt doesn't top $1.1 million). Visit less and you get no interest deduction. If you rent it out for no more than 14 days a year, you won't owe taxes on your rental income. Rent for longer - or, if you stay there less than 14 days a year, rent it for any amount of time - and you will. But you can deduct expenses from rental income, and you may be able to write off losses against regular income.

Even if you don't plan to share your home with others,  remember that both mortgage interest and property taxes are deductible. According to the National Association of Home Builders calculations,a homeowner in the 25% tax bracket will see a savings of 17,121.00 during the first five years of home ownership given a 30 year, fixed rate mortgage for 200,000.00 at 6.52 percent interest. 

For most households, homeownership is a primary source of net worth and an important step in accumulating personal wealth and assuring financial security. There is no better time than now, given the current low interest rates to buy a second home.

 

 

Interest Rates
Long term mortgage rates are still available at bargain rates. We have  up to 100% loans available at very affordable rates. FOR ASSISTANCE OR TO GET PRE APPROVED,Call us or  Larry Thomason at Bank of the Lakes today at (918)782-3268

BE SURE TO ASK ABOUT TAX CREDITS FOR FIRST TIME BUYERS

 Example

Our pool-lake view homes are $235,000 , with a 20 % down payment, financed for 30 years at a 5.0% rate, the monthly payment for principal and interest is $1010.00 per month. Compare our utility and maintanence costs and you will find Colony Cove very affordable.


Lucky to be in Oklahoma 

Check out the 'relocate america' article  below.

   top100.relocate-america.com 

   

THE GREATEST OKLAHOMA GRAND LAKE REAL ESTATE!

  LOCATED IN OKLAHOMA'S GREEN COUNTRY