Mortgage Companies Dallas Texas | Dallas Mortgage Lenders - Berkshire Lending

Tax season is coming up, and I wanted to make you aware of a deduction that can be problematic if you are trying to get a mortgage. If you have a W-2 job, and you are considering getting a mortgage here’s something to keep in mind as tax season approaches… The deductions you take on Schedule A for “unreimbursed job expenses” will come out of your adjusted gross income as a direct deduction off your income. This deduction would be things like job travel expenses, union dues, job education, etc. I’ve seen some rather large deductions in this category over the years – and sometimes it’s meant the difference between loan approval and denial. So, if you know you will be applying for a loan in the next couple of years – be aware of how this “unreimbursed job expenses” deduction will impact your overall income. For more information please visit our site blog :- Berksbire lending

If you have a conventional loan, and your loan to value ratio is over 80% – you will be paying monthly mortgage insurance to the lender. No one likes paying monthly mortgage insurance. It’s extra money added to your payment every month, and it doesn’t help pay down the balance of the loan. If you want a conventional loan and your LTV is over 80%, but don’t want to pay monthly mortgage insurance there are two ways to avoid this… 1) One would be Lender Paid Mortgage Insurance. We pay the MI for you. The rate generally is .25 to .375 higher, but there is no monthly mortgage insurance. 2) Get a piggyback loan. This is where we make two loans for you. …A first mortgage at 80%, and a second mortgage at 15%. This way you just put down 5%, and there is no monthly mortgage insurance payment. Thanks for reading!