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What Landlords Should Know About KC Mortgage Rates

December 12, 2014 by jWeb Media

Over the years, Renting out homes has become an increasingly popular way to make a profit. Although there is money to be made with this growing trend, there are a few things landlords need to know about Kansas City mortgage rates before they move forward with this venture.

“Buy to Let” Mortgages

Being a landlord may be tempting to homeowners unable to sell their homes and others looking to add properties to their investment portfolio. “Buy to let” mortgages usually come with higher Kansas City mortgage rates and bigger fees. Most of the time, you will be expected to put down a larger deposit compared to other personal mortgages. Even if you choose to rent out your own home, you will need to let your mortgage provider know. In some cases, you may have to start paying a higher interest rate.

Down Payments

When purchasing a rental income property, putting down a larger down payment on a home can lower your Kansas City mortgage rate. If your rental fees are priced correctly, then your return on investment should be even higher with a lower interest rate. A higher return on investment can help cover unexpected maintenance costs and other tenant issues.

Tax Deductions

Every year, landlords pay more taxes on their rental income than necessary because they fail to take advantage of tax deductions. Interest is typically a landlord’s single biggest deductible expense. The most common kind of interest deduction is for monthly mortgage interest payments. The total deduction will depend on the Kansas City mortgage rate they received when obtaining financing for the property. Prepaid interest can only be deducted the year it is due, and any interest that is refunded to the borrower cannot be deducted.

Interested in Getting a Mortgage in Kansas City?
Contact Cornerstone by Calling 800-965-9910 Today

Filed Under: Blog, Mortgage Rates Tagged With: buy to let mortgages, Kansas City Mortgage Rates

The information provided on these posts have been prepared by a third party company and have been distributed for education purposes only. The positions, strategies or opinions of the authors do not necessarily represent the positions, strategies or opinions of Guild Mortgage Company or its affiliates. Each loan is subject to underwriter final approval. All information, loan programs, interest rates, terms and conditions are subject to change without notice. Always consult an accountant or tax adviser for full eligibility requirements on tax deduction.

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Guild Mortgage Company is an Equal Housing Lender; Licensed by the Department of Business Oversight under the California Residential Mortgage Lending Act. OR ML-176;Georgia Residential Mortgage Licensee; GA #6268; NV Banker #1076/NV Broker #1141; AZ BK #0018883; Licensed by the Mississippi Department of Banking and Consumer Finance. Illinois Residential Mortgage Licensee. Kansas Licensed Mortgage Company. Rhode Island Licensed Lender. Licensed by the New Hampshire Banking Department. http://www.nmlsconsumeraccess.org/ Company NMLS ID 3274. All information, loan programs & interest rates are subject to change without notice. All loans subject to underwriter approval. Terms and conditions apply. Always consult an accountant or tax advisor for full eligibility requirements on tax deduction. Guild Mortgage Company is an Equal Opportunity Employer. Guild Mortgage Company 5898 Copley Drive San Diego, CA 92111 |State of Missouri Principal Location: 11730 Fenpark Drive, Suite 1003, Fenton, MO 63026.Brought to you by Jweb Media.

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