If you're interested in Northeast Los Angeles real estate, our friend Scott Groves from The Groves Lending Team in Glendale sent us an important reminder about how vital December is for homeowners, so we thought we'd share it with you!
Scott Groves says:
Beware of 2106 expenses-- On your tax returns, there is a line numbered 2106. The tax deductions that are expressed on line 2106 are non-reimbursed expenses claimed by the tax filer as costs not reimbursed by his employer. Taking advantage of this section or exaggerating the numbers can dramatically decrease your approved loan amount.
Do NOT file your 2015 taxes without checking everything once more! Always review the NET income numbers and your financial plan for the upcoming years. Not doing this could affect future loan approvals.
Change Jobs Cautiously - The New Year often brings new opportunities and new job offers. Changing from a W2 job to a 1099 job, moving from Schedule C (self-employed) to fully incorporated or even taking an extended leave of absence can all cause problems with your mortgage application.
And of course, you can always contact us if you have any questions. We are happy to help first time homeowners navigate the world of property purchases!