Today’s special guest is Maggie Richter, Loan Advisor for RPM Mortgage. Maggie helps ‘bust’ some common mortgage myths, for both entrepreneurs and W2 executives, on this week’s show. It can be frustrating, applying for a mortgage, because it can often feel very invasive and extreme, but Maggie is here to explain why these requests are so important for your application.
What Was Covered
- 04:45 - What are some of the differences between a W2 executive and a business owner getting a mortgage?
- 05:15 - If you have 25% or more ownership of a company, then you are considered a business owner. If it’s less, then you’re considered a partner.
- 08:45 - What happens if a business owner is applying for a mortgage when they haven’t filed their taxes for that year, yet?
- 10:05 - Let’s say the entrepreneur has had a couple of good years with their business, but this year it’s starting to not look as good; what happens if they apply for a mortgage?
- 13:30 - Right now, the IRS allows you to write-off half of your meals and entertainment costs for your business.
- 14:40 - What are some of the benefits of working with a loan advisor?
- 16:15 - The mortgage process can feel invasive. How does Maggie ease her clients about the information they have to provide her?
- 18:00 - How does the bank handle those who are highly compensated, or employees who have had a large pay increase?
- 20:40 - How much money will the bank allow people to borrow?
- 25:35 - Maggie has been a loan advisor for the last 5 years, and knows the tax law, inside and out.
- 26:40 - It’s best to get pre-approved before you find your dream home. It will be less hassle, down the line.
- 27:00 - Does Maggie have any crazy client stories to share?
- 30:00 - Final thoughts from Maggie.
Share the Show
Did you enjoy the show? We would love it if you subscribed today and left us a 5-star review!
- Click this link – Sound Financial Bites
- Click on the ‘Subscribe’ button below the artwork
- Go to the ‘Ratings and Reviews’ section
- Click on ‘Write a Review’