The Tax Benefits of Homeownership

The Tax Benefits of Homeownership

Homeownership is often considered a significant milestone in one’s life. Not only does it provide a sense of security and accomplishment, but it also comes with a slew of financial benefits. One of the less discussed, yet highly relevant advantages are the potential income tax benefits for those who itemize on their tax returns.
 
 

Mortgage Interest Deduction

One of the most significant tax advantages of homeownership is the mortgage interest deduction. IRS allows homeowners to deduct the interest paid on their mortgage from their taxable income, provided the loan amount is within certain limits. This means the more interest you pay, the larger your deduction.
 
 
 

Property Tax Deduction

The IRS also permits homeowners to deduct property taxes on their primary residence. This deduction can significantly reduce your taxable income, especially in areas with high property taxes.
 
 
 

Home Office Deduction

In an era of remote work, the home office deduction has become increasingly relevant. If you use part of your home exclusively for conducting business, you may be eligible to deduct expenses related to that space. This includes a portion of your mortgage or rent, utilities, and home maintenance.
 
 
 

Capital Gains Exclusion

If you sell your home for a profit, you may be able to exclude up to 250,000 (or 500,000 if you’re married and filing jointly) of that gain from your taxable income. To qualify, you must have lived in the home for at least two of the last five years before the sale.

 

Home Improvement Loan Interest Deduction

If you take out a loan to make significant improvements to your home, the interest on that loan might be tax-deductible. This can make those necessary upgrades a bit more affordable.

In conclusion, owning a home not only provides a roof over your head but can also offer substantial tax advantages. While these benefits should not be the sole reason to purchase a house, they certainly sweeten the deal.
 
Remember, everyone’s tax situation is unique, and these benefits may vary based on your specific circumstances. Always consult with a tax professional to understand how these potential tax benefits apply to you.

60 Years of Security National Success

60 Years of Security National Success

As part of the Security National family of companies, we at SecurityNational Mortgage Company (SNMC) are thrilled to share the remarkable milestone reached by our sister company, Security National Life. This year, they are celebrating 60 years of serving families. This achievement not only signifies their longevity but also mirrors our shared commitment to stability, growth, and excellence.
 
 

A Legacy of Excellence

Security National began in 1965 with the inception of the Security National Life Insurance Company. Starting with a modest sum of $543,000 in assets, housed in a small rented home in Salt Lake City, Utah, Security National has consistently grown into a robust industry leader across various service sectors.
 
Over the past six decades, Security Nationals’ expansion has been fueled by new sales and investment opportunities, acquisitions of life insurance companies, funeral homes, and cemeteries, along with the formation and evolution of our mortgage company. This journey of growth and resilience reflects our unwavering commitment and dedication to serving families and enabling meaningful careers.
 
In celebration of its 60th anniversary, SNL has created a special logo that encapsulates its history, stability, and unwavering commitment to excellence. This logo (seen below) will be used throughout 2025 to highlight SNL’s history and commitment to customers and internal teams.
 
60th-anniversary logo of Security National Life
 
 
 
The original logo of Security National Life
 
 
 

Strength in Unity

This triumph is not a standalone achievement. It’s a testament to the strength and stability of our family of companies. The support from our family entities, like Security National Life, provides us with the stability that is paramount in the dynamic landscape of mortgage lending.
 
The success of Security National Life affirms our core strength: our ability to weather the highs and lows of each industry. This resilience enables us to provide our borrowers with the best possible service, irrespective of the economic climate.
 
 

Future Growth with SNMC

At SNMC, we are not just looking at the present; we are also focused on the future. We are investing in growth and innovation, firmly backed by the stability provided by our family of companies.
 
As we reflect on the past 60 years of success, we are excited about the opportunities that lie ahead. Our commitment to our customers, our teams, and our shared vision of excellence ensures that we are well-positioned for a future of sustained growth and success.
 
The accomplishment of Security National Life is a testament to the hard work, fantastic leadership, and shared dedication across our companies. As we continue to grow, we look forward to contributing to the legacy of excellence that defines our family of companies.

 

The Great Work Debate: In-Office Mandates vs. Remote Work

The Great Work Debate: In-Office Mandates vs. Remote Work

As companies across the nation redefine their workplace policies, employees are facing a new set of challenges. Recent developments at major corporations like 3M and Amazon illustrate the stark contrast in approaches to returning to the office, highlighting a critical moment for workers navigating their professional and personal lives.
 
 

The Shift in Work Policies

3M has adopted a flexible “Work Your Way” policy, allowing employees to choose between remote, hybrid, or in-office arrangements. This shift recognizes the importance of work-life balance and the varied preferences of today’s workforce. Employees are encouraged to select the work environment that best suits their productivity and well-being, reflecting a growing trend toward autonomy and trust in the workplace.
In contrast, Amazon Web Services (AWS) CEO Matt Garman has taken a more rigid approach by mandating that employees return to the office five days a week. Garman’s recent comments have sparked significant backlash, with many employees expressing dissatisfaction and even threatening to leave the company. This divide highlights the challenges many workers face as they adjust to new expectations regarding in-person work.
 
 

The Impact of Relocation

During the COVID-19 pandemic, many employees relocated as companies shifted to remote work models. This newfound flexibility allowed workers to move away from their traditional office locations, often seeking more affordable housing or a better quality of life. However, as some companies enforce stricter return-to-office policies, many employees may find themselves required to return, creating significant pressure for those who have settled into new living situations.
Another challenge some employees face is the requirement to return to the office due to living within a given radius of the workplace. This may lead them to consider relocating further away, where housing options might be more favorable and where they can enjoy a better quality of life.
 
 

How SNMC Can Help

In this evolving landscape, SNMC is here to support you as you navigate these changes. We understand the unique challenges you may face, and our team of experienced Loan Officers is ready to assist you in exploring options tailored to your specific needs. Whether you’re considering relocating back to your previous work city, facing the requirement to return due to living within the office radius, or looking to move further away for better housing options, we encourage you to reach out.
Having a trusted partner by your side is essential. At SNMC, we’re committed to ensuring you have access to the resources and guidance necessary for a successful transition.
If you have questions or need assistance, we invite you to connect with one of our Loan Officers near you. We’re here to help you navigate these challenges and secure your financial future.
 
 

Sources

SecurityNational Mortgage Company Recognized as Scotsman Guide Top Workplace 2024

SecurityNational Mortgage Company Recognized as Scotsman Guide Top Workplace 2024

Building a Stronger Future Together

We are thrilled to announce that SecurityNational Mortgage Company has been honored as a Scotsman Guide Top Workplace for the year 2024. This prestigious recognition is a testament to our unwavering commitment to our employees, our communities, and our mission to make a positive impact in the mortgage industry.

 

What Makes SecurityNational Mortgage Company Unique

At SecurityNational Mortgage Company, we embrace the belief that our employees are at the heart of our success. We not only provide exceptional mortgage lending services but also foster a supportive and inclusive work environment where every individual can thrive. Here are some key factors that set us apart:

1. Community-driven Approach: We live, work, and play alongside the communities we serve. We understand the importance of giving back and making a difference. Through extensive community outreach, local charity events, and partnerships with homegrown organizations, our loan officers actively contribute to the betterment of our neighborhoods.

2. President’s Trip:  As a token of our appreciation for their outstanding performance, our top producers earn an exclusive opportunity to embark on our annual President’s Trip. This year, we are excited to celebrate success in the enchanting city of Vienna, Austria. Past trips have taken us to breathtaking destinations such as Hawaii, Alaska, Thailand, and Costa Rica, providing our high-performing team members with unforgettable experiences.

3. Career Advancement: We believe in nurturing the growth and development of our employees. Through comprehensive training programs, mentorship opportunities, and continuous support, we empower our team members to advance in their careers. Our commitment to their professional growth is a cornerstone of our success as an organization.

 

Contributing and Giving Back to Our Communities

At SecurityNational Mortgage Company, we understand the importance of making a positive impact beyond the mortgage industry. We engage in various initiatives and events to contribute to the well-being of our communities. Here are a few notable examples:

1. Fundraiser for the Homeless: Our Pacific Northwest (PNW) Team took the initiative to raise funds for the homeless community in the area. Their dedication and compassion made a tangible difference in the lives of those in need.

2. Anahola Music Festival & Food Drive: In partnership with past clients, local talents, and community organizations, SNMC Hawaii organized the Anahola Music Festival & Food Drive. Through this event, we collected 582 lbs. of non-perishable foods and raised $3,537 for Kauai, showcasing our commitment to supporting local communities.

3. A Place Called Home: In sponsorship of “A Place to Call Home,” SecurityNational Mortgage participated in their third annual gala fundraiser in West Georgia. This event aimed to provide support and resources to those in need, demonstrating our dedication to creating a better future for everyone.

 

Join Our Team

If you are looking for a fulfilling career with a company that values community, growth, and making a difference, we invite you to consider joining SecurityNational Mortgage Company. As a part of our team, you will have access to a range of perks and benefits that foster personal and professional development. Visit our Careers Page to explore the exciting opportunities that await you.

As we celebrate our recognition as a Scotsman Guide Top Workplace 2024, we remain committed to our mission of providing exceptional mortgage services while positively impacting the communities we serve. SecurityNational Mortgage Company’s unique approach, commitment to employee growth, and dedication to giving back truly set us apart. Together, we will continue to build a stronger future, one mortgage at a time.