Self-Employed and Looking to Purchase? What you need to know before you file your 2021 tax returns.
The New Year is the time to hit the reset button and start fresh. It is also the ideal time for self-employed borrowers to prepare if considering purchasing a home in 2022.
The amount self-employed borrowers write-off is critical to the type of loan they will qualify for. Self-employed borrowers who have a significant amount of write-offs for expenses should review the difference between the cost of a bank statement or asset-based loan versus the cost of writing-off fewer expenses and paying higher taxes in order to secure a qualified mortgage with the lowest interest rate. This is a decision that must be made before they file their 2021 tax returns, or they will need to wait until the following year.
2022 is off and running. Interest rates are still at historic lows, and demands remain high. Financing is key and who you work with is more important than ever.
* Specific loan program availability and requirements may vary. Please get in touch with the mortgage advisor for more information.
We are available to review your 2020 tax returns and explain how the different options you choose on your 2021 tax returns will help you qualify for the loan you want.
Contact one of our experienced loan officers today!