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Neither.
The actual loan is a capital item and the interest on the loan is an expense for the borrower but income for the lender.
The only time the loan itself becomes an expense item is when the unrecoverable portion needs to written off and then it becomes a bad debt.
Repayment of the loan is entirely on the asset accounts for both the borrower and lender.
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Is tithing an acceptable monthly expense when being considered for mortgage loan modification?
Is tithing an acceptable monthly expense when being considered for mortgage loan modification?
If you apply for a mortgage loan can you put your husbands income on the application also even if he is not applying for the loan with you?
You can use income that is at your disposal. If you will have access to your husband's income as a household income for this mortgage then yes you can. If you are separated and he will not be living in the house then the answer would be no.
Can a spouse's income be used on a mortgage loan if she is not a co-borrower?
No, you can't use your spouse's income on a mortgage loan if she isn't going to "sign" it as a co-borrower. Only the incomes of those who sign for the loan are considered.
What do you need when you apply for a mortgage loan?
Good credit and adequate income.
Is it hard to get a mortgage loan?
No, unless you have a high debt to income ratio.
What is a state income mortgage loan?
A stated income mortgage loan is a loan where a borriwer is not required to verify there income. These loans were very popular and common before the recent mortgage crisis.
Is tithing an acceptable monthly expense when being considered for mortgage loan modification?
Is tithing an acceptable monthly expense when being considered for mortgage loan modification?
What is interest expense on balance sheet?
When you pay back a loan or mortgage, part of each payment is interest, the rest is principal. For the interest part you would have Interest Expense, for the principal part something like Mortgage Expense.
If you apply for a mortgage loan can you put your husbands income on the application also even if he is not applying for the loan with you?
You can use income that is at your disposal. If you will have access to your husband's income as a household income for this mortgage then yes you can. If you are separated and he will not be living in the house then the answer would be no.
Can a spouse's income be used on a mortgage loan if she is not a co-borrower?
No, you can't use your spouse's income on a mortgage loan if she isn't going to "sign" it as a co-borrower. Only the incomes of those who sign for the loan are considered.
What do you need when you apply for a mortgage loan?
Good credit and adequate income.
Is it hard to get a mortgage loan?
No, unless you have a high debt to income ratio.
Are mortgage payments on an investment property an expense?
Any payments you must make from Gross Income to keep the property running are expenses. Although a mortgage is usually also called a Liability Expense, it is still an expense to run the property.
Is a stated income mortgage loan a bad way to get a loan?
A stated income mortgage loan is not a bad way to get a loan. With less paperwork and verification involved, stated income loans can be a bit faster than a traditional mortgage. When you are self-employed, you will often find it difficult to locate a lender that wants to work with you. Lenders look at self-employed individuals as a bigger risk because they do not always have a steady income. With stated income lenders, they will simply take you at your word regardless of what your work situation is.
How is interest from a mortgage taxed?
If you received interest from a mortgage loan you made, it is treated as ordinary income. List it on Schedule B.
What is needed to qualify for a mortgage loan?
In order to qualify for a mortgage loan, one needs an annual income - this is normally approximately five times the amount of money which they are seeking to borrow.
What are deductions allowed when calculating federal income taxes?
The deductions allowed whe calculating federal income taxes are as follow: Mortgage interest, charitable contributions, job expense, miscellanoous expense, medical expense in excess of 7.5 of income, and payment of state and local property taxes.
