Colorado Home Mortgage Banking

Did you know that you can give yourself a $4000 a year raise by having a mortgage?  Just a quick note in this article I will refer to a home mortgage as a Colorado home equity loan in order to keep my search engine optimization guru’s off my back.  Yes you can give yourself a $4000 a year raise by simply owning a home and by having a Colorado home equity loan (mortgage:-))  A Colorado home equity loan is one of the last simple deductions you can make as a middle class American.  As a home owner with a Colordo home equity loan you can deducte all of the interest paid through out the year.  You can also deduct orgination points from your closing.  You can ask me more about that later.  Here is how it works, lets say you have a house payment of $1500 you will probably see that your house payment on your Colorado home equity loan is broken down into several parts.   Typically your Colorado home equity loan (mortgage) collects for Principle/interest/taxes/insurance/and mortgage insurance.  Your Mortgage insurance and your interest are both tax deductable.  and on a $1500 payment it will probably account for about $1200 total on your Colorado home equity loan (mortgage).  When you multiply that out over 12 months you would have paid $14400, Uncle Sam lets you deduct that from you income which will reduce your tax obligation about $4300.  If you claim zero or one on your W-4’s Uncle Sam takes this from you and returns it in a refund.  My advice is to take it back and use it on a monthly basis.  A rule of thumb when trying to calculate how many deductions to take because of your Colorado home equity loan is:  For every 3000 in interest you pay you can claim one addition deduction putting the money back into your pay check monthly.  In this case, because of your Colorado home equity loan you can have a total of 6 deduction including yourself.  What does that do for you well it will limit what Uncle Sam takes out on a monthly basis putting more money in your pocket.  It is that simple.  So next time you look at buying and you have a maximum payment in mind imagine what you can afford if you add $300 to your income, it could put you in the home of your dreams.