Owning a home can provide financial and income tax benefits as well as emotional satisfaction.

Many taxpayers find that the interest on their mortgage and the annual property taxes they pay are large enough to enable them to itemize their deductions instead of using what is commonly referred to as the "standard deduction."

The "standard deduction" for single filers on their 2008 tax returns is $5,450 and $10,900 for joint filers. For many homeowners, their interest and property taxes exceed those amounts.

Finding a mortgage can be a strenuous process. Not only are there hundreds of institutions offering mortgages, it can seem as though there are dozens of different types of mortgages themselves. Different interest rates, different lengths and other features can be confusing.

This article describes some of the different options you may encounter as you shop for a mortgage.

The size of your mortgage payment is determined by two factors - the interest rate and how much you borrow. There is little you can do to reduce interest rate. However, you can reduce your mortgage payment by having a larger down payment. Using an automatic savings plan is the easiest way to build your down payment.

Here is a calculator you can use to determine monthly payments for different size loans and different interest rates.

Owning your own home may be a lot easier than you imagined thanks to our First-Time Homebuyer Program. With First National's First-Time Homebuyer Program, qualified individuals and families with a limited income can purchase a home with as little as 5% down!

Visit our website for more information or you can speak with a FNB mortgage specialist by calling 215-860-9100 and asking for the Mortgage department.