 Is it possible for someone to fake a job to get a mortgage? |
| Say they didn't have a job but found the perfect apartment/house, then got a friend who owned their own business to pretend that person had been working for them for 3 - 5 months for the bank to ... |
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 I am calling up 100 sellers a day? |
| and only seem to be getting about one to two lease to purchase contracts that they want to consider. The l2p course says i should be getting at least 40-50% to accept them. Is there possibly ... |
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 Is $15 000 enough for a down payment on say a $210 000 home? testing waters...? |
| Im not exactly knowledgable on home buying yet (im 22) but I've got some money saved up now and I want to buy a house as soon as possible. is $15 000 enough for a down payment? If not, what ... |
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 Preapproved for a home loan question??? |
| My husband and I have been preapproved for a home loan and they just asked for out checking statements for the last 2 months but we have spent so much money in the last few months there is not ... |
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 My landlord wants us to be away from the flat for 4 hours? |
| My landlord has given us 24 hours notice, by text message, that he wants us away from the house for 4 hours as he has a mortgage assesser round. We have just renewed our contract and its a new home, ... |
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 Can I deny my landlord rent due to conditions in my apartment? |
| I live in a townhouse apartment. On the main level there is a bathroom, which sits directly below an upstairs bathroom. The tenants last year had a leak upstairs which they failed to report, so in ... |
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 Should I refinance my house in this situation? |
| We bought the house a year ago and the APR is currently 6.75 (30 year, fixed). We owe around $172000 (not counting the home equity line, 21K). I was just looking at Quicken loans and saw tone of ... |
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 How low can I go when making an offer on a home? |
| The house is in Georgetown, Indiana listed by a realtor. I'm not going through the listing agent though. I've got a buyers agent I've been working with. It's a new construction ... |
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| Do I have to have an inspection done on my brand new condo? |
| My offer was accepted on a brand new condo... my real estate agent said I needed to get a home inspection within the next ten days, supposedly it's mandatory???! but wouldn't the condo'... |
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 We're having issues with or landlord and mold? help please!!? |
| OK, here goes. Last year or so, we had a leak in the bathroom from the tub not draining properly, carpet in the kids room got soaked and we ripped out the padding, floated the carpet to dry it. Then ... |
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 When "flipping" a house what are the tax consequences? |
| What can be written off and how does it affect personal income tax. Also is capital gains involved?... |
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 What do you think about REALTORS? |
| What has been your experience? The reason I'm posting this question is that I have seen some people on here speaking in not so kind words when it comes to Realtors. Some of it comes from so-... |
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 Homeowners: How much do you make, and what does your house cost? |
Please, renters and apartment owners, I am not requesting your answers at this time. I still love you, though. :-)
My husband and I will be making a NET income of $57,000 next year and we ... |
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 Is 7.625 a decent rate? Historically? |
I've been offered a mortgage for a 30 year fixed rate of 7.625 on a conforming level2 fannie mae loan with 20% down. Fico score is at 616.Looking at 120k home.
(Midwestern homes are still ... |
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 What do you think? |
| My friend, Emily, and her family are moving (somewhere else in the same town) and they are selling their house. My family are looking for a house and we are concidering on buying Emily's house. ... |
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Amanda C | How does buying a home? |
affect my taxes at the end of the year? Does paying property taxes and home owners insurance have anything to do with taxes? |
 |
 
steve_miller_5
 |
Generally, you will have income tax deductions for: (1) Interest actually paid on your mortgage; (2) Property taxes actually paid; and (3) Sometimes, a part of any "points" you paid on the mortgage (discuss this one with a tax preparer).
You will receive a statement at year end from your mortgage company with these totals, kind of like getting a W-2 with your income information for tax purposes.
Homeowners insurance does not affect your taxes. |
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rtfm
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You get to claim all the mortgage interest you pay and all the property taxes you pay on your federal income tax. For most people, this lowers their tax bill substantially.
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Thrasher
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You can deduct property taxes and mortgage interest on schedule A - Itemized deductions, but only do so if the total of schedule A is more than the standard deduction. For 2007, the standard deduction for Single was $5350, Married Filing Joint $10,700. So if you are married and your schedule A total is less than $10,700 then it does not effect your taxes at all. |
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phallal313
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yes, it affects it. You will get to claim the morgage interest and property taxes and also any points you paid at closing. However, the standard deduction for a married couple is 10,500 and I believe 5,500 if you are single so you would have to pay more than that amount in interest/taxes or have other expenses that you deduct for it to be to your benefit. Hop I was able to help. |
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Judy1
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Real estate taxes and mortgage interest are allowable as itemized deductions, so if the total of those plus any other deductions you have is larger than your standard deduction, you'll itemize which means your tax will be lower.
The first year, it might not matter if you bought the house mid year, since you'd only have part of a year's deductions. And many people think they'll get huge amounts off their tax bill - it's often several hundred dollars but rarely a lot more than that unless your deductions are huge.
Home owners insurance has no effect on your taxes. |
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src50
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Yes. |
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David S
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The interest you pay on your mortgage is deductible. Depending on the size of your mortgage, it may exceed the standard deduction, which can lower your taxes or increase your tax refund. |
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robrobiii
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Interest on the mortagage as well as property taxes are deductible. If you pay points up front, you can deduct all of that the forst year, a nice little tax bonus.
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private
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In a mortgage, your interest gets paid off first,
then you start paying on your principle. <}:-}) |
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