Sophisticated Tax Returns

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Sophisticated Tax Returns
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Why Your Tax Returns Are Considered to be a Big
Part of the Mortgage Process

• There are many intricate aspects in getting a
  mortgage here in South Florida. Do you have your
  own business? You will need a 1099 form from the
  last two years. Do you collect a paycheck from a
  boss? You will need a pay stub from the same time
  frame. You will need any sort of canceled checks
  you may have around. You will need other things
  such as your bank statements and your profit and
  loss statements.

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The Most Important Thing You Will Need is Your
Tax Return

• You cannot get a better quote on your
  adjustable rate mortgage Boynton Beach unless you
  have the tax returns. Many clients ask why the
  tax return is so important during the process.
  Listed below you will find a few important
  reasons why they are important.

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• 1) A clients full picture is not disclosed by
  the first two pages. Lenders need the full tax
  document to go over everything. The first two
  pages will offer some insight, but not everything
  that is necessary.

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• 2) Somewhere within the documents is a form
  known as the Form 4506-T. This is valuable. This
  way your lender can get a full transcript from
  the IRS. This transcript is needed to go over
  everything. Some questions are not answered by
  the tax return alone. This is why this form is
  part of it.

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• This form is helpful to those looking to
  obtain one of the lower fees attached to the
  adjustable rate mortgage Boynton Beach has to
  offer.

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• 3) Another benefit this serves is with the
  loan fraud. Your lender or bank wants to see if
  there are any irregularities. The bank wants to
  see if you have committed loan fraud before. This
  information is not so readily available within a
  W-2 or 1099 form.

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• 4) Banks and lenders want to know about all
  the income. Some clients fail to report certain
  types of income. Things like business expenses
  and rental property income sometimes fail to get
  mentioned. Some do this intentionally. Others do
  this unintentionally. Banks and lenders need to
  know this.

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How Can I Get The Returns Faster?

• The IRS is known to move slower on those who
  owe money, compared to someone who is getting a
  refund. It depends on the persona and situation.
  Are you someone who owes money, yet are trying to
  get a mortgage application process completed?

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• 1) Give them a call. Find out if they can
  escalate the process much faster for you.
• 2) Visit the office personally. Sometimes this
  speeds them up. Some do not take a phone call
  seriously enough.
• 3) Pay off any debt you may have. This another
  way to speed things up. It will also prove to be
  effective with your tax returns.
• 4) Your tax returns may be showing you are
  refinancing something else right now. Take care
  of this situation. This will lower your debt
  load.

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Three Tax Return Income Preparation Tips

• 1) Sometimes you may not need the returns at all.
  In some cases, your W-2 forms will be enough. Ask
  your lender or bank which forms they do need. Ask
  them about the tax returns. They do help but
  sometimes are not necessary.

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• 2) Say you are off to a slow start. File an
  extension. You will have to October of the same
  year to get it done. Talk to your bank or lender
  about what you are doing. Provide them a copy of
  the extension. This will serve until you are able
  to get your tax returns in.
• 3) Say you are self-employed. Say you have only
  the tax returns for about 6 months. This will be
  good enough for most lenders and bankers. All
  they require is enough to tell the story.

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• The mortgage process can be terrifying as it
  is. The more you have your paperwork in line, the
  better off you will be.
• Go online and check out our site. We are here
  to serve any and all clients here in the South
  Florida area. Visit us at http//choicemortgageban
  kinc.com/.