The Mortgage Whiz
Are tax returns need for a refinance
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Published Date 4/9/2020
Someone once asked me: Is it possible to refinance a mortgage without showing income tax returns?
If you're self-employed, you will probably have to provide tax returns to verify your income. The "stated income" loans that got us into so much trouble leading up to the meltdown of 2008 are no longer available.
Most self-employed borrowers take advantage of every possible write-off to keep their tax liability low. This may come back to haunt them, however, when they go to apply for a mortgage. As the adage goes: Self-employed people either like their tax bill or their mortgage rate, not both. ?
Hope this is helpful.
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Paramount Residential Mortgage Group
Corporate NMLS ID: 75243
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Brian Voytko
Certified Mortgage Advisor
NMLS: #437292
The Mortgage Whiz
Company NMLS: 338923
Cell: 215-407-3832
Email: BVoytko@PRMG.net
Brian Voytko
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Certified Mortgage Advisor
NMLS: #437292
Cell: 215-407-3832
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