If you are going to buy, do it because it's a place you adore, an address you can be proud of and will want to use for years to come. An exciting place for you to entertain family, friends and colleagues. If you've always dreamed of a place on Grand Lake, there's no better time than now to buy. 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 have the opportunity to grow equity in the home.
A little help from the IRS can ease the expense of a second home. You may be able to deduct the mortgage interest just as you would for your primary residence. You may rent it for up to 30 days each year. If you rent it out for no more than 14 days a year, you won't owe taxes on your rental income and you may be able to write off losses against regular income up to the amount of rental income you recieved. Please consult your accountant for details.
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.
Long term mortgage rates are still available at bargain rates. We have up to 90% loans available at very affordable rates. FOR ASSISTANCE OR TO GET PRE APPROVED, Call us for lender references or call the lender of your choice.
Using a sales price of $215,000 , with a 20 % down payment, financed for 30 years at a 4.0% rate, the monthly payment for principal and interest is $821.00 per month. Compare our low utility and maintanence costs and you will find Colony Cove very affordable.