Category Archives: Mortgage Blog

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Before Buying A Second Home, Ask These Questions

There are a lot of things to consider when buying a second home. For instance, will you use the home exclusively, or will you rent it out for tourist season? Did you know income-tax rules are different for second homes and rental income? Did you know some homeowners’ associations have rules prohibiting rentals?

This leads me to these financial questions you need to be able to answer if you’re considering buying a second home. Continue reading Before Buying A Second Home, Ask These Questions

Self-Employed, Business Mileage and Mortgages

When tax time comes around, we get a ton of self-employed tax questions regarding how different scenarios impact getting approved for a loan. We wanted to summarize how the deduction for mileage is viewed through the eyes of lending.

Please consult a tax professional with tax preparation questions.

Automobiles used for business purposes have an option to deduct expenses based on actual business miles driven. This lowers tax liabilities by decreasing stated profit, which can affect the loan amount for which a person can get approved. Continue reading Self-Employed, Business Mileage and Mortgages