High net worth client makes million dollar mistake!

Comments(0) By Mike Miller •July 23rd, 2008

Most of my high net  worth clients purchasing Danville real estate are not familiar with IRS Publication 936 which states, if you buy a home “all cash” with no mortgage, you have only 90 days from the closing date to obtain a mortgage in order to receive any deductibility of that interest paid on that mortgage.   

IN FACT: If you go beyond the 90 days you, can still obtain a mortgage, but you will be limited to a write off interest on only $100,000, regardless of the amount of mortgage you put on your new home.

Typical Danville mortgage refinances are taking between 30-40 days to complete.  It is essential that we explore your options sooner rather than later, as the “90 day clock” has started ticking!  If you intend to take advantage of the full tax benefit of your home, you must act quickly.

At Capital Market Funding, a full service, independent mortgage source, we specialize in high net worth clients, who purchase their homes “all cash”.  There are many factors that go into obtaining a mortgage in the time frame allotted by the IRS Publication 936. 

Due to the timing nature of this transaction, I have a special, streamlined process that allow you to complete all of the paperwork from the comfort of your home or office.  I have several options that do not require income documentation, so please call me today, to discuss your options.

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Filed Under: Borrower Tips, Realtor Tips
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