If you purchase new energy efficient appliances in the U.S., you can qualify for a tax credit for 10% of costs up to $500 or a specific amount from $50-$300. This only applies for an existing home that is your principal residence. New construction and rentals do not apply. Relevant appliances include stoves, heat pumps, air conditioning, water heaters, furnaces, fans, insulation, roofs, windows, doors, and skylights.You can apply for these credits on the Department of Energy’s website. The site will also inform you about local and state benefits you can apply for.These benefits apply to the U.S. Look for similar programs if you live in a different country.
You might also look into installing solar panels. Using solar energy may provide you with some utility savings and tax credits.
 You can receive tax deductions for mortgage interest, lender points, mortgage insurance premiums, home improvements, home equity loans, and being a first-time buyer. You can indicate your qualification for these breaks on the appropriate federal tax form in January and receive information about your deduction a few weeks later.Look for similar tax-incentive programs at the state and local level in the U.S., and in other nations as well.
 If your home is purchased with less than twenty percent paid down, your lender will require private mortgage insurance. PMI can add significant costs to your mortgage and you’ll want to pay enough of the principal to remove it as soon as possible.If you’d like to remove your PMI before you can pay off a sufficient amount of the principal, you can also remodel to increase your house’s market value, refinance, or get a new appraisal.
Remodeling can increase the equity of your home. This is because the additions you make add value greater than the cost of the additions and this will reflect in the equity to meet the 20% level.
 Figuring out how to save money on your mortgage or maximize your tax savings can be tricky, especially when you're trying to settle in to a new house. Consult with your mortgage lender, an accountant or tax advisor, an attorney, and so on to discuss your options and opportunities for savings. The initial costs of a consultation will likely be a drop in the bucket in comparison to the significant savings you can accumulate for years to come.


Refinancing your mortgage or appealing your property tax assessment, to name a few examples, can easily save you thousands of dollars in the years to come. However, this is not usually something you would consider right after purchasing a home. It might just be something to consider later on.
Apply for federal energy efficiency benefits.
Research tax deductions.
Pay off private mortgage insurance.
Talk to the experts.
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