Terri Adams - Realtor

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Good morning! Just wanted to drop an important real estate tip for all you future homeowners.

I am already seeing a lot of tax preparers showing these large refund amounts for clients, and need to make sure future homebuyers understand what that’s going to do for you in regards to purchasing a new home.

If you plan on purchasing a home in the next year or 2 you need to careful with all of the deductions on your taxes that it takes the get those big refund checks. Yes, that may cut that $10,000 refund down to $4,000 but you have to understand the more the refund is the less money it shows you actually made. It doesn’t matter if you get paid $75,000/year if your Adjusted Income comes out to $25,000/year after all those deductions. For example: A $10,000 refund check may allow you to get pre-approved for a $100,000 home loan. (Which will not get your hardly anything in this current market) However, a $4,000 refund check may allow for you to get a $350,000 home loan. If you’re serious about owning a home soon this is the biggest determining factor of how much you will get approved for. To be on the safe side you should consider talking to a lender before filing your taxes because they are going to need your last 2 years that you have filed. If you need me to refer one to you let me know. If I can answer any of your questions I am more than happy to help.

Let the countdowns begin!!!