Making Sense of the Mortgage Interest Deduction: What Florida Home-Buyers Should Know

Buying a home is one of the most meaningful financial decisions our clients make — and at the Shaver Group, we believe that part of our job is helping you understand not just where you’re buying, but how that purchase affects your money over time. One important piece of that puzzle is the federal Mortgage Interest Deduction (MID), and it’s worth knowing how it works — especially here in Florida.

What is the Mortgage Interest Deduction?

In the recent tax reform package, the National Association of Realtors® (NAR) successfully advocated to retain the full mortgage interest deduction. Florida Realtors In simple terms: if you qualify, you can deduct from your taxable income the interest you pay on your home loan — which can translate into meaningful savings. Florida Realtors

Who qualifies and how does it work?

Here are the key points for eligibility and what you should ask if you’re buying or refinancing:

• To use the MID, you must itemize your deductions on your federal tax return (rather than take the standard deduction). Florida Realtors
  
  
• The mortgage must be secured by your primary or secondary residence, and the loan generally must be $750,000 or less. Florida Realtors
  
  
• Because the standard deduction was nearly doubled in 2018 and is indexed for inflation, many homeowners may now find that they do not get the mortgage interest benefit simply because they don’t exceed the standard deduction with itemized costs (interest + property taxes + other eligible items). Florida Realtors
  
  

Why this matters for buyers in Orlando and the surrounding Central Florida region

1. Enhanced value of homeownership – For many first-time buyers (moving from renting to owning), the MID can be a compelling financial incentive. It helps illustrate one of the tangible benefits of buying over renting. Florida Realtors
   
   
2. Smart budgeting – When you’re working with the Shaver Group, we help you factor in not just the purchase price but the tax implications, monthly interest payments, and long-term equity strategy. Knowing you may benefit from the deduction can influence how you approach things like loan amount, interest rate, and home price.
   
   
3. Realistic expectations – It’s important to remember: not everyone will benefit. If you don’t have enough in itemizable expenses to surpass the standard deduction threshold, the MID may not add value. But knowing this ahead of time saves surprises.
   
   
4. Refinancing considerations – If you ever consider refinancing your home here in Seminole County (or beyond), the same rules apply. The Shaver Group is here to help you evaluate whether refinancing makes sense — tax-wise and otherwise.
   
   

Our role: guiding you through the numbers

At the Shaver Group, we believe our value is in the full picture: home search, neighborhood match, financing strategy, and tax-smart decisions. Here’s how we help:

• Break down mortgage scenarios: We walk you through how different interest rates, loan amounts, and tax situations impact your monthly payment and your tax benefits.
  
  
• Coordinate with trusted experts: When complex tax issues arise (e.g., itemizing vs standard deduction, second homes, investment properties), we connect you with CPAs and tax professionals.
  
  
• Stay current: Tax laws, deduction thresholds, and loan-limits change over time. We monitor updates so you’re always working with up-to-date info.
  
  
• Local insight: As your neighbors here in Orlando and Central Florida, we know the market, the nuances, and can help tailor decisions specific to our region (property tax expectations, insurance costs, equity growth, etc.).
  
  

Bottom line

If you’re considering purchasing a home (or refinancing) in the Orlando / Deland / Volusia or Seminole County area, don’t overlook the tax side of the equation. The Mortgage Interest Deduction remains a significant tool — if your situation qualifies. Let’s look at your individual scenario together, factor tax benefits into the plan, and move ahead with confidence.

Ready to explore your homeownership journey?
Whether you're looking at your first home, a move within the area, or planning ahead for refinancing, reach out to the Shaver Group at Keller Williams Heritage Realty — we’re committed to making sure your real estate decisions are smart, informed, and aligned with your long-term goals.

Give us a call at 352-250-9617 or send us a message https://www.theshavergroup.net/connect