Skip to Content
Home Buying & Renting
Deciding to buy or rent
Open toolbar

Take the bonus quiz

Test your knowledge. Earn more points. Get started

True or false: If you don't have a 20% down payment, you can't buy a home.

Correct

If you can’t come up with 20%, you may be able to get a conventional mortgage with PMI (private mortgage insurance), or you may qualify for down payment assistance.

Next question
True or false: Buying is always the best financial option.

Correct

Renting can sometimes be better. Do your homework to see which makes more sense for you.

Next question

You got 2 of 3 correct

You can retake the quiz to maximize your points, but you won't get additional points for questions you already answered right.

Retake quiz

Key Takeaways

Print version

Buying a home is a big financial responsibility, but there are many tax breaks available to help reduce your bill and increase your refund.  Start with these basic considerations.

  • Whether you decide to buy or rent, be sure to include everyday home expenses in your budget
  • Many experts suggest putting down 20% or more when buying a home. If you can’t, you may have to pay for private mortgage insurance (PMI) and other costs
  • The mortgage interest deduction and property tax deduction are potentially two of the biggest tax deductions for which a homeowner may qualify. Make sure to account for them accordingly
  • In addition to federal tax credits, some states offer credits or deductions for making energy efficient home improvements
  • Consider government, non-profit and other programs that could help get you a good mortgage interest rate even with a smaller down payment
  • Interest paid on a home equity loan or line of credit may qualify as a tax deduction