CNBC Select’s Post

Are you aware that the mortgage interest you pay in a loan is tax-deductible for many homeowners, and that It’s one of the great perks of owning a home? You see when you deduct the interest you pay on your mortgage from your taxable income, it could significantly lower your overall tax bill. This effectively reduces the cost of borrowing, making your mortgage rate feel a little less painful. For example, if you’re in a higher tax bracket, the savings can be pretty noticeable. It’d be like getting a discount on your loan rate once you factor in the tax break. But, of course, there are some limits based on how much you actually borrow. It’s a nice benefit to keep in mind when you’re calculating the true cost of buying a home. Talk to your tax advisor....

Here's why you need to file your taxes if you want to take out a mortgage ⤵️ Your lender is going to want to see proof of income to determine how much (and how risky) lending you money for a home is. 🏡 If you're self-employed, your mortgage lender will typically ask for the last 2 years of your past personal and business tax returns. While your mortgage lender will be looking at a variety of different factors to determine your loan eligibility, your tax returns are a HUGE factor in helping you get approved. Behind on tax filings and trying to buy soon? We can help you catch up! 👋

Here's why you need to file your taxes if you want to take out a mortgage ⤵️ Your lender is going to want to see proof of income to determine how much (and how risky) lending you money for a home is. 🏡 If you're self-employed, your mortgage lender will typically ask for the last 2 years of your past personal and business tax returns. While your mortgage lender will be looking at a variety of different factors to determine your loan eligibility, your tax returns are a HUGE factor in helping you get approved. Behind on tax filings and trying to buy soon? I can help you catch up! 👋

You can use your contract showing your day rate as income proof instead of using your company accounts or taxable pay on your SA302. How mortgage lenders calculate your income using your gross day rate Day rate x days worked per week x 48 weeks This will generally show a higher income than using your taxable income. Let your accountant run the company as tax effient as possible without you worrying if you earning enough for the mortgage you want.

You can use your contract showing your day rate as income proof instead of using your company accounts or taxable pay on your SA302. How mortgage lenders calculate your income using your gross day rate Day rate x days worked per week x 48 weeks This will generally show a higher income than using your taxable income. Let your accountant run the company as tax effient as possible without you worrying if you earning enough for the mortgage you want.

Here's why you need to file your taxes if you want to take out a mortgage ⤵️ Your lender is going to want to see proof of income to determine how much (and how risky) lending you money for a home is. 🏡 If you're self-employed, your mortgage lender will typically ask for the last 2 years of your past personal and business tax returns. While your mortgage lender will be looking at a variety of different factors to determine your loan eligibility, your tax returns are a HUGE factor in helping you get approved. Behind on tax filings and trying to buy soon? I can help you catch up! 👋

This article takes a closer look at when it makes sense to itemize deductions and take advantage of the home mortgage interest deduction, and when it just makes more sense to take the standard deduction.

Here's why you need to file your taxes if you want to take out a mortgage ⤵️ Your lender is going to want to see proof of income to determine how much (and how risky) lending you money for a home is. 🏡 If you're self-employed, your mortgage lender will typically ask for the last 2 years of your past personal and business tax returns. While your mortgage lender will be looking at a variety of different factors to determine your loan eligibility, your tax returns are a HUGE factor in helping you get approved. Behind on tax filings and trying to buy soon? I can help you catch up! 👋

Here's why you need to file your taxes if you want to take out a mortgage ⤵️ Your lender is going to want to see proof of income to determine how much (and how risky) lending you money for a home is. 🏡 If you're self-employed, your mortgage lender will typically ask for the last 2 years of your past personal and business tax returns. While your mortgage lender will be looking at a variety of different factors to determine your loan eligibility, your tax returns are a HUGE factor in helping you get approved. Behind on tax filings and trying to buy soon? I can help you catch up! 👋

Did you know getting a mortgage could save you money on taxes? 🏡💰 It’s called the mortgage interest deduction, and it allows you to deduct the interest you pay on your mortgage from your taxable income.