In the past 4 blogs of this tax blunder series we have discussed the self-employed (part1); business or rental property owners (part 2); retirees (part 3) and W2 employees (part4) tax filing blunders when trying to establish a mortgage. Most of these tax blunders share in common over declaring or misidentifying expenses. But what about under declaring income? Can that really happen, do people really do that? Well yes, and this Houston mortgage broker has seen it happen more than once. Remember, if you don't pay (your taxes) you can't play.
Houston Mortgage Blog
In the past three installments we have explored the common tax filing blunders that can plague self-employed borrowers (part 1); business or rental property owners (part 2); and retirees (part 3) when trying to establish a mortgage. But what if you are neither of the aforementioned? If not self-employed, not a business owner and not retired, your taxes are what they are, right? Not so fast there partner. This Houston mortgage broker has seen many a clever W2 employees commit one or one-too many tax somersaults to save handsomely on their tax return just to be disillusioned at time of application for that mortgage.
Expensing a car loan could hurt you twice (and wheels come flying off)
Tax filings mistakes can wreck your chances at establishing that mortgage you need for your dream or retirement home. In the previous two blogs I wrote about the pitfalls surrounding self-employed tax filing blunders however there are common tax blunders that this Houston mortgage broker finds often among retirees. Retirees listen up, just because you have a lot of savings does not mean you will get that mortgage. Read on and make sure you do not fall victim to one of the biggest pitfalls I see riterees commit.
As a Professional Mortgage Consultant for one of the best Mortgage Companies Houston has to offer, these are my two biggest concerns with this picture:1. We are in an economic crisis with a high unemployment level; the last thing we need to do is outsource more jobs to other countries. We need to create more American jobs and these companies have no shame in creating jobs elsewhere just to save a couple of dollars.
Topics: Avoid Mortgage Insurance
Tax filing blunders cause otherwise credit worthy borrowers to effectively disqualify themselves. In part 1 of this series we discussed how unreimbursed expenses and not declaring profit on self-employment can limit your borrowing capacity. Here we will go over blunders that if you commit them you could outright eliminate any possibility of qualifying for that next mortgage.
With so many people around the country losing their homes in today’s economy, this question is just part of our everyday life. I receive numerous calls from people that are late on their mortgage payments and need our help to avoid foreclosing on their homes. Many times people wait until it is too late for anyone to be able to help.
Topics: Build Equity Faster
Let’s face it you’ve heard it before and probably have from time to time have taken the advice from your uncle Freddy or your really smart tax-preparer who explains how they can help you avoid $1k, $2k or much greater sums of money in taxes just by using some available tax deductions. They may even be legal. But there-in lays the problem. Just because the deductions are legal doesn’t mean they won’t come back to bite you when it comes time to qualify for financing of your dream home or refinancing that high interest loan. In this article I will highlight two blunders and provide others in a series of 5 articles