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Benjamin Suttin

Loan Originator |NMLS 1312332

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Meet Benjamin!

Providing outstanding service is my number one priority for anyone I have the pleasure of working with. I love having the opportunity to help others solve their financial puzzles. I take my time with each client to make sure they understand not only what is needed, but also why. I make myself available after hours, and on weekends. I always see helping someone with their mortgage needs as an opportunity that can last a life time. I focus on establishing trust, and building relationships. I work with an amazing team who are incredibly quick, and accurate at what they do. I'm a resource, and a guide throughout this process. Feel free to reach out to me at any time!

Serving Homebuyers In:

  • Texas

Mortgage Calculators

Monthly Payment

Affordability

Refinance

VA Entitlement & Payments

Your Mortgage Questions, Answered!

How to Deduct Mortgage Interest from Your Yearly Taxes

Homeownership comes with plenty of financial benefits. Understanding these benefits and how to take full advantage of them can help you keep more of your money in your pockets. Among those benefits are tax advantages such as Home Mortgage Interest Deduction. This permits homeowners to deduct interest paid on loans secured by their primary or secondary residence. These loans include mortgages used to purchase, build, or substantially improve a home, as well as second mortgages & certain home equity loans. If you’re unsure whether you qualify, contact your UMortgage Loan Originator! They can either find the answer for you or connect you with a tax professional who can provide accurate guidance. What Types of Loans Qualify For The Home Mortgage Interest Deduction? There are strict guidelines regarding the types of loans that qualify for this tax deduction. More broadly, it can be split into two categories: home acquisition debt and home equity debt. Home Acquisition Debt: These are your most typical mortgages. Specifically, loans that fall into this bucket include loans that are used to buy, build, or substantially improve a home. Home Equity Debt: These include loans secured by your home. Not all home equity debt qualifies; the loan proceeds must be used to substantially improve the residence. So, if you used a HELOC or a cash-out refinance specifically to fund a home improvement project, you most likely qualify. If the funds are used for debt consolidation or other personal expenses, you may not qualify. While the type of loan determines qualification, that’s not the only box that must be checked before eligibility is confirmed. The type of home secured by the loan also plays a part. Primary Residences: If you reside in the home which you’d like to deduct interest paid from, you must reside in the property for at least 51% of the year. Second Homes: This is where it gets a little more complicated. Second homes can be considered something like a vacation home or potentially a rental property, if it passes certain specifications, which we’ll detail below: Second home not rented out: If you have a second home that you don’t hold out for rent or resale to others at any time of the year, you can treat it as a qualified home. You don’t have to use the home during the year. Second home rented out: If you have a second home and rent it out for part of the year, you must also use it as a home during the year for it to be a qualified home. You must use this home for more than 14 days or more than 10% of the number of days during the year that the home is rented, whichever is longer. If you don’t use the home long enough, it’s considered a rental property and not a second home and therefore does not qualify. How Much Mortgage Interest Can You Deduct? The amount of interest you can deduct depends on when the mortgage was taken out and its purpose: Mortgages Taken Out Before October 14, 1987: All interest paid is fully deductible, as these are considered "grandfathered" debts. Mortgages Taken Out Between October 14, 1987, and December 15, 2017: Interest is deductible on the first $1 million of mortgage debt ($500,000 if married filing separately). Mortgages Taken Out After December 15, 2017: Interest is deductible on the first $750,000 of mortgage debt ($375,000 if married filing separately). Suppose you entered into a binding contract before December 15, 2017, to close on the purchase of a principal residence before January 1, 2018, and purchased the residence before April 1, 2018. In that case, the higher limit of $1 million applies. How to Deduct Mortgage Points from Taxes Did you buy down your interest rate when you purchased your home or refinanced? Those points might be tax deductible. Points are upfront fees paid to the lender to secure a lower interest rate on your mortgage. So long as the loan qualifies based on the guidelines outlined above—such as the loan being for your primary residence and the points being a standard practice in your area—they can be deductible in the year paid. If these conditions aren't met, the points may still be deductible but spread out over the life of the loan. To claim the Home Mortgage Interest Deduction, follow the following steps: Itemize Deductions: Instead of taking the standard deduction, you must itemize your deductions on Schedule A of your tax return. Maintain Accurate Records: Keep detailed records of all mortgage interest payments. Your lender will typically provide a Form 1098, which reports the interest you've paid during the year. Complete Schedule A: Enter the deductible amount on the IRS’s Schedule A form, linked here, to reduce your taxable income. By properly utilizing your Home Mortgage Interest Deduction, you can save a substantial amount of money over the life of your loan. Want to know more ways to save as a homeowner this tax season? Check out our complete guide here. In all cases, confirm first that you meet the eligibility requirements before filing your taxes—consulting with your UMortgage Loan Originator or a tax professional if clarity is needed. The information in this blog was sourced from IRS publication 936. Refer to the publication at https://www.irs.gov/publications/p936#en_US_2024_publink1000229990 for more information.

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Housing Market Update | Week of February 3rd

The housing market held steady last week, even with the release of the PCE inflation report and discussions around potential tariffs. However, this week could bring more movement, with four key labor reports on the calendar and increasing speculation about trade policy shifts. We will also hear from multiple members of the Federal Reserve throughout the week with any insight into future monetary policy sure to impact the market. The labor market remains a critical factor influencing the Fed’s decisions, with inflation playing a close secondary role. If unemployment trends higher, it could push mortgage rates lower. On the other hand, if new tariffs are enforced, concerns about inflation could drive rates upward. It’s a delicate balance, so don’t hesitate to reach out for updates as the market reacts. Last Week's Mortgage Rate Recap Rates Were Stable Mortgage rates were stable last week after our two big events—the January Fed Meeting and the January Personal Consumption Expenditures (PCE) report—came in line with previous expectations. To no surprise, the Fed opted to keep the federal funds rate between a range of 4.25-4.5% and cited the solid labor market as the reason to keep things steady. On Friday, the PCE report showed that headline inflation rose by 0.3% in December and increased from 2.4% to 2.6% year-over-year, both in line with expectations. Shelter inflation, which reflects housing costs and rent prices, was the biggest contributor to this increase, with a monthly reading of 0.3%. This Week's Mortgage Rate Forecast Rates Could Be Volatile The market could be in for a volatile week ahead. Four major labor reports will be released daily between Tuesday and Friday, culminating in the ever-significant Bureau of Labor Statistics Jobs Report on Friday morning. As we mentioned previously, the Fed still sees the current job market as a healthy one. We’ve been sitting at or below the current unemployment rate of 4.1% every month since November 2021. While mass government layoffs could give the Fed reason to cut rates, it could also lead to a job-loss recession, which would hugely damage the U.S. economy. Another thing to keep an eye on is President Trump's potential enforcement of tariffs. Rising costs for imported goods will have a ripple effect throughout the economy, and most economists believe that tariffs on goods from Mexico, China, and Canada would contribute to rising inflation. This would then give the Fed reason to pause rate cuts or potentially hike rates. If these tariffs are enforced, mortgage rates might rise in preparation for the subsequent economic impact. For a more in-depth review of how President Trump's policies could impact the housing market, check out this blog that touches on the economic impact of tariffs, tax proposals, and more.

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Tax Season Secrets for Homeowners: Property Tax, Escrow, & Deductions

Tax season comes with a few extra steps for homeowners. Between your escrow payments, property taxes, and forms specific to homeowners like Form 1098, there are a few things for homeowners to consider as they file taxes themselves or pass off necessary documents to a tax professional. Below is everything you need to know to properly file your taxes and maximize your possible deductions this year. Understanding Your Escrow Account If you’ve ever wondered why your monthly mortgage payment includes more than just your loan’s principal and interest, your escrow account is the answer. This account is set up by your lender to cover property taxes and homeowners’ insurance, ensuring these essential expenses are paid on time and in full. During tax season, your escrow account plays a crucial role. Here’s how: Property Tax Payments: Your lender uses the funds in your escrow account to pay your property taxes on your behalf. You’ll receive a statement from your lender detailing these payments, which can be helpful when filing your taxes. Record Keeping: Keep track of your escrow account’s annual statement to ensure your property taxes are paid correctly. If you notice any discrepancies, reach out to your lender immediately. What To Do With Your Property Tax Bill As you’re preparing to file your taxes, you’ll receive a property tax bill in the mail. You might be confused about whether you need to pay this bill yourself or if it’ll be handled by your escrow account. Here’s what you need to know: If You’re Escrowed: Your loan servicer will pay your property taxes using funds from your escrow account. The bill you receive in the mail is just for record-keeping purposes. If You’re Not Escrowed: Make sure you pay your bill as soon as possible to avoid late fees, penalties, or even a tax lien. If You’re Not Sure: Double check your January and December mortgage statements to confirm that your property taxes are covered by an escrow account. Escrow accounts simplify property tax payments by breaking the payments into smaller monthly increments to help you avoid large, unexpected bills. Deducting Interest Paid on Your Mortgage One of the most significant tax benefits of homeownership is the ability to deduct interest paid on your mortgage. This deduction can save you thousands of dollars, especially in the early years of your loan when interest payments are highest. Follow these steps to claim your mortgage interest deduction: Form 1098: Each year, your lender will send you IRS Form 1098, which details the total amount of mortgage interest you paid. This form is essential for claiming your deduction. Eligible Loans: The deduction applies to mortgages on your primary or secondary home, up to $750,000 in loan principal for loans originated after December 15, 2017. For older loans, the limit is $1 million. Itemize Deductions: To take advantage of this benefit, you’ll need to itemize deductions on your tax return instead of taking the standard deduction. Pro Tip: If you refinanced your mortgage using prepaid interest or points paid at closing, these may also be deductible. Tax season doesn’t have to be overwhelming for homeowners. By understanding how escrow accounts, property taxes, and mortgage interest deductions work, you can maximize your savings and approach tax filing with confidence. If you have any questions about escrow, property taxes, or tax season tips for homeowners, make sure to contact your UMortgage Loan Originator for some insider info!

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