Tax season is upon us, and as you prepare your taxes, pay special attention to your deductions as lenders do pay attention to adjusted gross income (AGI) regarding qualifying for a mortgage.
If you are simply servicing debt on your home mortgage and don’t plan to pay your mortgage off, then you may need to analyze how much of your payment is going toward principle and how much is going toward tax deductible interest.
In some areas of the country, homes have lost as much as 50% of their value over the past 4 years and many people have had to rethink and readjust their expectations and reasons for owning a home.
As a mortgage specialist, my opinion that over the next 20 or so years a shift will occur back to owning a home because it’s a place to call home and not as an investment vehicle, should be taken into consideration.
The financial impact of home maintenance and upkeep with no financial return may no longer be worth it for those who travel through their jobs or pleasure, or have other interests and prefer a low maintenance “lock it up and leave it” residence.
While many people shutter at the thought of preparing taxes, this is a great time of year to analyze your needs, establish good credit and begin working with a licensed mortgage professional. Don’t be sucked into the retail “big box” bank that offers “registered” loan officers who are not licensed and without verifiable mortgage or financial expertise.
Instead, consult The David Damaré Team, 919-851-0999 for an accurate home mortgage qualification.
ADR Mortgage and The David M. Damare’ Team remain independently owned and operated, accepting nor requiring any government assistance. We are a boutique lender operating in many states with low cost, the savings of which we pass on to our clients and a penchant for platinum customer service that ensures our continued success and livelihood.
“Mortgage Lending is Our Business: Customer Service is Our Passion.”
Stay tuned and stay in touch with your mortgage professional. Thank you for the opportunity to serve you.
Raleigh Mortgage Man, NC Mortgage Man, Triangle Mortgage Man, Triangle Mortgage Expert all owned and licensed by David M. Damare’. All rights reserved.