home loan refi?
mamma asked:
why is it that lenders go by what you make after deductions on taxes. I am self employed and it is lke it was hard to get home loan because I claim ed deductions. It doesn’t seem fair. Of course I want to take advantage of deductions offered to me to lower what i have to pay in taxes but now i want to refinance and i don’t want to go through that again.
How is it my own fault? I am not taking ridiculour deductions, i could qualify for so many and i actually only claimed my monthly building rent, and phone. I didn’t claim half of what i could?
I am very honest thank you very much.so rude
MARION
why is it that lenders go by what you make after deductions on taxes. I am self employed and it is lke it was hard to get home loan because I claim ed deductions. It doesn’t seem fair. Of course I want to take advantage of deductions offered to me to lower what i have to pay in taxes but now i want to refinance and i don’t want to go through that again.
How is it my own fault? I am not taking ridiculour deductions, i could qualify for so many and i actually only claimed my monthly building rent, and phone. I didn’t claim half of what i could?
I am very honest thank you very much.so rude
MARION
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TRACEY
Lenders only use after tax deductions for the self employed. This is because it is much harder to judge risk with people who are self employed because they do not necessarily have a stable income coming in monthly. Also, with self-employed people there are so many deductions made that it’s impossible for lenders to decipher which ones were actually taken out of their income for expenses and whatnot, so they simply use only the after tax amount. It’s your own fault this is so complicated, start being honest, don’t take rediculous deductions, pay your taxes and you won’t have this problem trying to refinance. This is by far the hardest part of trying to give mortgages to self-employed individuals.