How you pay your taxes could affect your mortgage allowance.
It's 2017 and you are ready. 2016 was an incredible year! You got a raise, you increased your sales volume, you made wise investments, you got married, you had a baby... the list goes on. Every reason to look into taking that next step by purchasing a home or investment property, right? Well if you are planning to get a mortgage, also known as financing or a home loan you may want to rethink any extra deductions to minimize your tax liability this year when filing.
As a W-2 employee writing off expenses can have a negative affect on your real income. Gross vs. net. Lenders determine your creditworthiness (loan amount) through a list of items in your income and debt ratio. Listen, we are not CPA's, loan officers or financial advisors, yet we have a group of mortgage experts that can give you complimentary advice on how to work with your CPA prior to filing your 2017 taxes. We highly recommend connecting with a mortgage officer the same year you want to purchase a home before filing. Contact us at info@AmmannEstates.com or fill out the form below. It costs nothing and will help maximize your earned mortgage allowance.