Djinji La Belle Crocker, Operations Analyst
International SBA Communications Corporation
-Boca Raton, Palm Beach
For me, I have loved working from home. I feel a lot of peace and silence since since I don't have children yet, I am alone during the day. My faithful companion at work is my little dog Bellito every day.
Working from home has saved me almost 2 hours a day commuting. I've had time to cook more and try different cooking recipes. It has also allowed me to clean and organize every space in my house, and to enjoy more of nature in my neighborhood while I run or ride my bike.
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The importance of preparing your taxes
before applying for a mortgage
Buying a home is an exciting and life-changing experience. However, many homebuyers don't realize the importance of preparing their taxes well in order to qualify for a mortgage.
Having all your tax documents is essential to ensure a smooth and successful home buying process. In this article, we'll discuss why you need to prepare your taxes before applying for a mortgage and some tips on how to get started.
Why do you need to prepare your taxes?
Lenders consider several factors when approving a mortgage application, including credit score, debt-to-income ratio, and income. A crucial aspect of your income is your tax returns. Lenders will need to see your tax returns for the last two years to determine the stability of your income and assess your ability to pay the mortgage.
Preparing your taxes before applying for a mortgage can also help you identify any potential issues that could affect your mortgage approval. For example, if you have unpaid taxes or tax liens, it can affect your credit score and make you disqualified from getting a mortgage. Therefore, it is essential to resolve any tax issues before applying for a mortgage.
It is very important that you first speak with a mortgage lender before meeting with your accountant or tax preparer so he or she can review your financial situation and advise you on what income you need to qualify for your dream home. If you need to connect with a mortgage lender, I can help!
Tips for preparing your taxes for a mortgage
Now that you understand the importance of preparing your taxes before applying for a mortgage, here are some tips to get you started:
- Talk to your mortgage lender first, before meeting with your accountant or tax preparer so he or she can discuss your financial situation and advise you on what income you need to qualify for your dream home.
- Gather all your tax documents: This includes W-2s, 1099s, and any other tax-related documents. Make sure you have all your tax documents for the last two years.
- Organize your tax documents: It is crucial to keep your tax documents organized and easily accessible. Consider using a file folder or online storage system to keep your tax documents organized and in one place.
- Check for errors: Make sure all information on your tax documents is accurate and up-to-date. If you find any errors, contact the IRS or your tax preparer to correct them.
- Consult a tax professional: If you are unsure how to prepare your taxes or have complex tax situations, consider consulting a tax professional. They can help you navigate the tax preparation process and ensure that your tax documents are accurate and complete.
- File your taxes early: It's always a good idea to file your taxes early, especially if you plan to apply for a mortgage. This will give you time to resolve any issues and make sure your tax documents are in order before applying for a mortgage.
In conclusion, preparing your taxes before applying for a mortgage is a crucial step in the home buying process. They can help you identify potential issues and ensure a smooth and successful home buying experience. Use the tips above to prepare your taxes and make sure your tax documents are in order before applying for a mortgage.
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Your Broward County Real Estate Expert,