President Abraham Lincoln signed the Homestead Act in 1862. This act had an incredible impact on the success and development of the western part of the United States. As we sit to enjoy our Thanksgiving meals with family and friends, we see benefits today from agriculture during this time in history by farmers that developed the land.
Recently the North Texas Commission provided statistics on population growth. North Texas grows by one person every 3.3 minutes and is 4 th largest region in the United States. When we see continued exit from the western part of the United States to Texas, housing sustainability with builders, construction and growth in rural areas will flourish. Just like in the late 1800s and early 1900s, people will move to Texas to establish homesteads, and that will impact us all for decades to follow. Texas is now the New Frontier!
In the mortgage business as we advocate for homeownership, we explain the benefits of homesteads as it relates to property taxes. For certain, 100% of rent is not tax deductible, so even when interest rates are high, the growth in equity is a more viable option for your family than renting. For those who currently own a home, be sure to file your Homestead exemption. If you are over 65 years old, there is an additional exemption. Also learn about The Homeowners Protection Act. This Federal Law became effective in 1999 specific to loan servicers and the cancellation of Mortgage Insurance Premium. For more information, listen to my conversation with Juliana Brock Smith of Power Training.
We extend our blessings to Town Life magazine as we enter your home each month. We are grateful to our military for protecting us and wish you and your family a Happy Thanksgiving.