Mortgage Do's And Don'ts

Mortgages can be tricky, and it's easy to make mistakes that can end up costing you dearly. That's why we've put together this list of Mortgage Do's and Do not's to help you navigate the process with ease - and a little bit of humor.

DO: Shop around for the best mortgage rates

DON'T: Assume your bank will give you the best rate just because you have a checking account there. Remember, loyalty is a two-way street.

DO: Have a budget in mind

DON'T: Get in over your head. Just because you can technically afford a million-dollar mansion doesn't mean you should buy one. You don't want to be house-poor and unable to afford groceries.

DO: Get pre-approved before house-hunting
.

DON'T: Assume you'll be approved for a mortgage just because you have good credit. Pre-approval is important because it gives you a better idea of how much house you can afford and shows sellers that you're serious.

DO: Consider your future plans

.
DON'T: Assume you'll live in your new house forever. Life happens, and you may need to sell sooner than you think. Make sure you're not getting into a mortgage that you can't realistically afford if you need to move in a few years.

DO: Get pre-approved before house-hunting
.

DO: Consider your future plans

DO: Read the fine print

DON'T: Sign on the dotted line without reading the terms and conditions. There may be hidden fees or clauses that could come back to haunt you later.

DO: Be prepared for unexpected expenses

DON'T: Assume everything will go smoothly. There may be unforeseen expenses, like a leaky roof or a broken furnace, that can quickly drain your savings. Be sure to budget for these types of surprises.

DO: Read the fine print

DON'T: Sign on the dotted line without reading the terms and conditions. There may be hidden fees or clauses that could come back to haunt you later.

DO: Be prepared for unexpected expenses

DO: Have a good sense of humor

DON'T: Take everything too seriously. Yes, buying a house and getting a mortgage can be stressful, but try to find the humor in the situation. After all, laughter is the best medicine for a stressful day.

By following these Mortgage Do's and Do not's, you'll be well on your way to successfully navigating the mortgage process - with a smile on your face. Good luck, and happy house hunting!

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💼 P&L-Only Mortgage Loans: The Perfect Fit for Self-Employed High Earners 💰

🧾 High-Income, Low Taxes? Discover the Power of a P&L-Only Mortgage 🏡

Bill Rapp, Commercial Mortgage Broker

August 12, 2025•2 min read

🧾 High-Income, Low Taxes? Discover the Power of a P&L-Only Mortgage 🏡

💼 P&L-Only Mortgage Loans: The Perfect Fit for Self-Employed High Earners 💰

🧾 High-Income, Low-Tax Write-Off? Try a P&L-Only Mortgage

For many self-employed professionals—especially doctors, dentists, entrepreneurs, and investors—traditional mortgage guidelines just don’t work. You might be bringing in strong revenue, but after deductions and tax strategies, your taxable income looks too low for conventional lenders.

That’s where a P&L-Only Mortgage can be a game-changer.

What Is a P&L-Only Mortgage?

A Profit & Loss Only Mortgage allows lenders to approve you based on your business’s profit and loss statements—without requiring W-2s, tax returns, or even bank statements in some cases. This approach focuses on actual business performance instead of just taxable income.

Who Benefits Most from P&L-Only Loans?

This loan type is ideal for:

· Self-Employed Professionals – Contractors, consultants, and small business owners.

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· Real Estate Investors – Multiple properties, complex income streams.

· High-Income Earners Using Tax Strategies – Those who legally reduce taxable income.

Key Advantages of a P&L-Only Mortgage

1. ✅ No Tax Returns Needed – Avoid the frustration of explaining deductions to underwriters.

2. ✅ Flexible Qualification – Approval based on business performance, not IRS-reported income.

3. ✅ Fast Process – Fewer documentation hurdles mean quicker closings.

4. ✅ Higher Loan Amounts – Your gross profit can support more buying power.

How the Process Works

1. Get a CPA-Prepared P&L Statement – Usually covering 12 or 24 months.

2. Submit Basic Business Information – Including licensing or incorporation docs.

3. Underwriter Review – Focuses on net profit and business health.

4. Loan Approval – You’re ready to move forward with your home purchase or refinance.

Why Work with a Mortgage Broker for P&L-Only Loans

Many banks won’t touch P&L-only programs, but a broker can connect you with specialized lenders who understand complex income. At Medallion Mortgage, we help self-employed clients get competitive rates and terms while bypassing unnecessary roadblocks.

Bottom Line:
If you’re a high-income earner with low taxable income, a P&L-Only Mortgage could be your key to buying or refinancing without the tax-return headache. Let’s see if it works for you.

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Bill Rapp - Commercial & Residential Mortgage Broker

Whether you're a first-time homebuyer, a seasoned investor, or a business owner with ambitious plans, securing the right financing is crucial. At Medallion Funds, we take the guesswork out of mortgages, offering a comprehensive suite of residential and commercial loan options to fit your unique needs. Looking for Your Dream Home? We understand the excitement and challenges of navigating the residential real estate market. Our experienced mortgage brokers will guide you through every step, from pre-qualification to closing. We offer a variety of loan programs to suit your financial situation, including: • Fixed-rate mortgages: Offering stability with predictable monthly payments. • Adjustable-rate mortgages (ARMs): Providing competitive rates for a set period. • FHA loans: Making homeownership accessible with lower down payments. • VA loans: Rewarding veterans with attractive rates and flexible terms. Investing in Your Business Future? Growth often requires capital, and we can help you unlock the potential of your commercial property. Our brokers specialize in a wide range of commercial loan options, including: • Purchase loans: Financing the acquisition of new buildings or land. • Construction loans: Facilitating the development of your project. • Refinance loans: Restructuring your existing mortgage for better terms. • SBA loans: Providing access to government-backed financing for qualified businesses. The Medallion Funds Difference: We go beyond simply finding a loan. We take the time to understand your goals and develop a personalized strategy. Here's what sets us apart: • Expertise: Our brokers have a deep understanding of both residential and commercial lending. • Competitive Rates: We leverage our strong lender relationships to secure the best possible terms. • Streamlined Process: We handle the paperwork, keeping you informed every step of the way. • Exceptional Service: We're committed to providing you with a positive and stress-free experience. Ready to Take the First Step? Contact Medallion Funds today for a free consultation. Let's discuss your financing needs and help you achieve your dreams!

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