More Reasons to Get Involved in Chicago Real Estate

December 03, 2011

Chicago real estateIf you’ve been thinking about moving into a new Chicago home, there are still plenty of deals out there. Even better, current interest rates are lower than ever if you’ve got a good relationship with the bank. If affordable prices and low interest rates aren’t incentive enough, consider some of the following perks offered by Ilyce Glink in her article, “

Hidden Benefits of Buying a Home,” on the Equifax Finance Blog.

Chicago real estate has plenty of options for

tax deductions. First-time homebuyers filing personal income taxes after purchasing a home as their primary residence will be able to deduct a chunk of their mortgage payments. This is also an option on federal-level income taxes. This is due to initial mortgage payments being a lot of tax-deductible interest and only a small portion of principal, which is why aggressive home payments are often suggested. A second payment in a month, even a small one, can cut down on principal much faster.

Another benefit comes from purchasing in a community tagged for redevelopment by state or federal authorities. Often, these are found with your lender, who may be able to offer you even lower rates or give help toward closing costs. A big part of this is The Community Reinvestment Act, a federal law which encourages the growth of low- to moderate-income communities as designated by the Census Bureau.

For other benefits and helpful resources, check out Glink’s full article on the

Equifax Finance Blog.

And for all your Chicago real estate needs, check back with us here on Chicagoland Real Estate Forum!

About The Author

Read All Stories By Carol Morgan

Carol Flammer is a public relations and social media marketing expert, strategist and consultant. With 20 years of experience, Carol has established herself as the “go to” for real estate and construction products public relations and social media. Carol is president of Flammer Relations, Inc., and managing partner of mRELEVANCE, LLC, a Marketing, Communication, Interactive agency with offices in Atlanta and Chicago.

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