Dayton-Texas Mortgage Rates?
Dayton-Texas mortgage borrowers looking for lowest rate on the mortgage while refinancing will find the article helpful.
Dayton Texas Mortgages: Some borrowers feel that several job switches would affect their mortgage. Well, it’s not the case. What is required from a banks perspective is the consistency of income and whether the borrower has been in the same line of business for two years? Two years of employment and income history is required.
Dayton Texas Mortgages Eligibility for Pre-Approve Loan
Dayton Mortgage: If you are self-employed. The bank would like to see two years of business income history. If you were in a job and started off with your business. It is likely going to be difficult unless you two years of IRS income tax to show your income. Self-employed borrowers are riskier to lend instead of borrowers on W-2. It’s because the income is not consistent. What banks would normally like to see if the business income is stable for two years? Does it show an inclining trend or it declining? If it’s declining by more than 20% in the recent years. It’s likely to impact your mortgage qualification.
What is reported on your income tax return for self-employed borrowers is not what the bank would consider your income as? We all know that we would like to report as less as possible to pay less to the IRS. A mortgage has its own calculation of cash flow of the self-employed borrower. However just so that you don’t end up wasting your time. Few things you must be prepared to answer before getting into documentation. One is your income stable or inclining or declining. How much did you report on IRS as your Adjusted Gross Income? That gives some idea to the mortgage expert to get into documentation and pursue the case or not.
Essentially the documents asked by the bank from a wage earner is the same for self-employed borrower but the documentation type is different and it appears that a lot of documents are being asked but that is not the case. Since its business, the documents specific to your business income is being asked.
I had an interesting case where the borrower had 5 million in his asset and was looking to refinance his house for $ 500,000 as mortgage balance with very little income being shown on the taxes. We had to design a format to push the mortgage and it was time taking but the borrower was patient. We assume that the borrower knew it’s a very difficult case.
So if you are a Dayton-Texas mortgage borrower looking for lowest rates in Texas for your mortgage. You must speak to an expert.
For more information visit www.affordable-payment.com or Call 323-705-3191 if you are a California Mortgage Borrower or If Texas Mortgage Borrower Call 713-463-5181 EXT 154
