Tax season has arrived. You need to make sure that your taxes are filed correctly in order to prevent a huge mistake that affects your ability to qualify for a mortgage.
Tax season is here. There are a few things you need to know before you make a big mistake.
A lot of you have asked about purchasing a property because you want to invest in real estate or buy your first home. If you plan on buying real estate, you need to make sure that you file your taxes correctly.
Accountants do deductions in order to save you as much on taxes as possible, which is great. They are just doing their job. The problem is that a lot of them don’t know about the ever-changing guidelines when it comes to qualifying for a loan.
You may be making $80,000 a year but if your taxes aren’t filed the way the bank wants to see it, you may only get credit for $60,000. Instead of getting approved for $350,000, you may only get $250,000 and miss out on the home you want to buy.
The solution is very simple. Make sure that you get pre-approved before you file your taxes. That way, you know exactly what you need to file and how to file them so that your taxes are filed the way the bank wants. Then, you will be able to qualify for your desired monthly mortgage payment.
If you are thinking of buying a home or investment property in the next three years, it’s important to start this process now. We usually collect the last two years of tax returns to put your loan together. It’s never too early to start preparing your finances for a home purchase. Get your credit score checked as well to make sure that it is on point.
If you work with an accountant to file your taxes, we will take a look before they file to make sure that everything is done correctly and that everything follows the rules and guidelines. If your goal is to qualify for a home loan, we will make sure that there isn’t something there that would prevent you from getting a mortgage down the road.
If you have any questions, please don’t hesitate to reach out to me. I would be happy to help you!