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9. Not carefully calculating your maximum financial and tax savings, and withholding exemptions when you select your mortgage financing! When financing a home, you should seek to maximize every financial and tax advantage that you can get. Particularly with the new tax laws coming into effect from now on.
You would be amazed at how many people unknowingly let thousands of dollars slip out of their checkbooks on this one!
I'm sure you know that there are tax deductions for your mortgage interest. Which mortgage you choose will have a significant impact on both your financial and tax situation.
THE KEY IS TO MAXIMIZE YOUR FINANCIAL
AND TAX SAVINGS EQUALLY
The bigger your mortgage, the bigger your tax deductions. But, the larger mortgage payments may not be right for your family. Even with the tax deductions you'll get.
The bottom line is tax savings...not merely tax deductions.
You have to find the right balance between tax savings, monthly payments, down payments, and so on. And, if you're going to be saving taxes, you need to be sure to adjust your withholding so you get the cash flow benefits of your tax savings back NOW.
(Instead of waiting to get a bigger refund at tax time.)
Please don't loan the IRS your money!
If you will be saving $200 a month in taxes, you should reduce your withholding by the same amount. Then you'll be receiving the money right now, and not making the mistake of "loaning" money to the IRS interest free!
Every decision you make about your mortgage loan will somehow affect your taxes.
With the government trying their best to confiscate our money, it makes good financial sense to plan as carefully as you can, to get the biggest financial and tax savings possible!
You really owe it to yourself to find out how to save on taxes and other expenses and find out how to get the best price and financing rates when you buy your home.
(See details at the end of this Site.)
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