I would like to understand the tax benefits of buying a house a bit better and how to do the math.

If I get a 400.000 loan over 30 years at a 5% interest rate, then my monthly payments will be somewhere between $2100 and $2300 (based on online mortgage calculators).

I understand that the interest on the loan is tax deductible part. Can anyone help me figuring out how much money that would save me per year?

mortgage home loan

This is my 1st time buying a house. I want to make an informed decision, and obviously I want a great rate! How can I do this without affecting/lowering my FICO score because of all of the companies checking my credit? I have excellent credit, but I don’t want to just accept the 1st mortgage offer from my local bank. I know there are lower rates out there, but I’m afraid to use the online sites. Do they work well? Is it something you recommend? So far, I’m not impressed with the mortgage rates I’m being quoted. I’ve checked with 2 local banks. I want a fixed rate (terrified of ARMS because of all of the foreclosures I’m hearing about…) so if you have a recommendation, please let me know. Are there any rates under 6% these days for a 30-year fixed? If so, where do I find them?

lenders