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Rates are flat today. Today’s comparison mortgage rates with no lender fees are 3.875 % on a 30 year, 3.125% on a 15 year and 2.875% on a 10 year. (click here for details)

Today I want to talk about how to make your new home more affordable. Got your attention? I better. This is a good one.

Check out today’s video:

When you go from renting to paying a mortgage each month your financial picture has changed. When that happens you need to make some changes as well.

One thing I see being overlooked all the time is your current monthly withholdings from your paycheck. When you become a homeowner you get more deductions on your tax returns. Like mortgage interest and property tax deductions.

More deductions equal more money in your pocket at the end of the year right? WRONG! That means more money in your pocket right now.

Too many people don’t look at their current tax withholdings after becoming a new homeowner. This is a big mistake.

If you are claiming 1 on your W-4 you are getting the max taxes withheld on your paycheck every single month. That means you are letting Uncle Sam hold onto your money for you until the end of the year.

Wouldn’t you agree that, that money would be better in your bank account each month? Wouldn’t you agree to that – that money could be used to help you offset any monthly housing expenses?

I thought so! Now in full disclosure I want to make sure you are aware I am an accountant. I don’t pretend to be one. I only play one on TV. A cool one. Not the nerdy kind.

But seriously since it’s the season to start filing your tax returns – it’s a great opportunity to talk to your accountant. If you already have a mortgage, make sure you are not withholding too much. If you are shopping for a home, ask them if you should change it.

Everyone’s tax situation is different and will vary based on many factors. But my point is you need to have a conversation with an accountant to make sure you are withholding the correct amount and leveraging your hard-earned cash to its fullest.

So call your accountant and tell him or her Mike from Rates in Motion said to call. You will be glad you did.

If you thought this was good information or worth discussing, help me bring transparency to mortgage lending by sharing today’s episode on Facebook or Twitter.

Let’s change the way people shop for a mortgageā€¦forever!

– Mike

PS. To ask a question, get advice, or find out if you’re getting the best deal possible on your loan, just post a comment below. Daily comparison rates, calculators, and other cool features are available in the free Rates in Motion LoanApp by going to your smart phone and clicking on this link, activation code is 9203780002

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