Buying a Home Part 6: How to have the government help you make your mortgage payment!

This Home Buying Guide is brought to you by:

TheFloridaMortgageCenter.com

Steve verrier (904) 514-8884

 

How to have the government help you make your mortgage payment!

 You may often hear your friends and family saying that owning a home is great for your taxes. What do they mean?  When you own a home the property taxes and the mortgage interest is often tax deductible. Of course this is a subject you should always discuss with your accountant. I am not one.

Many consumers will experience a large tax refund every year as a result of having these two large expenses as tax write-offs. Rent is usually never tax deductible.

But there is a better way to get a refund that is often overlooked by most consumers.

When the government issues you a refund check they have in effect held your money for over a year and paid you no interest.

You can instead (with your accountant’s help) amend your W-4 form and get this money coming back to you in each and every paycheck. You can then use this money to help pay your mortgage payments.

As an example, let’s say that owning a home provides you with a tax refund of $2,400. You can instead change your W-4 form to get back $200 more each month in your paychecks which you can use to help make your mortgage payments.

You will not get it back as a refund then. With your accountant’s help you should adjust your W-4 form so that you do not owe any money at the end of the year nor do you get any money back. Instead, you are using this money every month to help with your expenses.

If you would like to discuss this in more detail and get a better idea of the exact benefits you may be entitled to please call me for a No-Obligation No-Cost Consultation

at (904) 514-8884 or visit my web site at: https://www.thefloridamortgagecenter.com.

 

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regardless of your credit!

Or if you have questions, call us or submit them here

In our next issue of Insider Mortgage Secrets and Home Buying Guide, we will cover the many creative loan programs that are available to fit your unique needs.

Until our next lesson,  Steve