Thursday, July 19, 2012

Top 10 Tips on How to Get A Great Mortgage...Approved - Advanced Planning

3.  Los Angeles Mortgage Broker Bill Rayman Discusses How to Set Up a Mortgage Plan

This is the third in our series on how to maximize your chances of getting a great mortgage for your new home or a refinance.  The home loan market is very tight right now, so if you are wanting to get a mortgage, there are some wise steps you can take to improve your prospects.  

In number 1 and 2, we discussed the critical importance of proving your income and how your credit score can impact your ability to get a mortgage at all and/or the rates a terms that you will be offered.
Bill Rayman - Mortgage Banker and Broker

3.      Set Up A Plan

Start your planning process by creating a realistic budget to determine how much of a monthly payment you can handle.  There are many excellent free budgeting formats on-line.  If you are considering purchasing your first home, keep in mind that there are many expenses associated with home ownership that you don’t now have with a rental.  Among other items, you need to include in your plan: utilities cost more; repairs and maintenance expenses; furnishings, flooring, and window treatments in and of themselves are huge expenses; gardening and lawn care; appliance purchases; property taxes; and, property insurance.

One of the benefits of home ownership is the tax deductibility of many of its costs.  The interest on your mortgage, property taxes, potentially your mortgage insurance, some part of any HOA dues, and some home expenses can reduce your taxable income.  Besides reaping the savings, this will improve your monthly cash flow. Even though you don’t get the tax relief until you file with the IRS, you can plan to take advantage during the year by adjusting the withholding on your wages or on your estimated tax payments.  Consult with your tax preparer to determine the best way to achieve those savings.

If you need someone to help you with all the steps outlined in this series, or just want to select a mortgage broker who cares enough to make sure your needs are met at every level, give me a call at 310-295-6213 for a no cost, no obligation evaluation of your plan.

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