“I Need Your 2016 Tax Returns to Make the Debt Ratio Work”
Happy Holidays! I'd like to look into doing a refi on both rental properties as soon as I get my 2016 taxes done. My debt to income should be considerably better. Should we get it going now?
For self-employed borrowers that could not make their debt ratio work to get a mortgage in 2016 and the income numbers will be better with the 2016 returns, then waiting for the returns to be completed is the right way to handle getting a mortgage accomplished in the New Year.
This client had below average income in 2014, so waiting for the 2016 returns is the right way to insure a positive result. He also knows that he and his accountant need to understand the goal of showing more income rather than writing off more which will hurt the bottom line.
Mike will be prepared for sure!
Image courtesy of StuartMiles/Freedigitialphotos.net