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Megan C
Megan C, Certified Public Accountant (CPA)
Category: Finance
Satisfied Customers: 16544
Experience:  Licensed CPA, CFE, CMA, CGMA who teaches accounting courses at Master's Level
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Hello, I am wondering if youve heard of anyone re-financing

This answer was rated:

Hello,
I am wondering if you've heard of anyone re-financing a loan based on otherthings besides tax returns. The reason is that the tax returns have so many other factors involved about what write offs and joint tax returns and other properties, etc.. etc..., however, if you take this person's history with the bank and his deposits and his expenses and what the previous loan is and what the new loan would be he far exceeds the necessary requirements, he operates on quickbooks and has all of the paperwork to back it up. The Tax statements are different, because they take in a multitude of factors. Can you give me some advice about this? your opinion would be greatly appreciated!

MyVirtualCPA :

Thank you for your question, and thanks for using JustAnswer.com

MyVirtualCPA :

Whether or not to accept based on other factors than the tax returns depends on the standard protocol followed by the bank. The bank must treat all applicants equal, and if recalculating earnings based on a tax return is part of the qualification process it should only be side stepped in rare circumstances where doing so would be to the benefit of the bank.

MyVirtualCPA :

It is possible to get a loan based on things other than tax return. Perhaps if you had audited financials that would work too

MyVirtualCPA :

But, whether or not to approve this individual - I would just say the bank needs to follow their protocol

MyVirtualCPA :

Is there anything else that I can assist you with today? If not, please rate my response as "excellent" so that I may receive credit for assisting you today.

Customer:

Hello, Thanks for that answer, it is what I expected pretty much. Audited financials is actually a very decent idea. so, thank you. I tried to rate your answer but it says that the expert is not finished answering me so I have to wait. However, I get an email follow up and I will rate you excellent. (these things happen on the "chat" window I noticed. Ok thanks again!

MyVirtualCPA :

Yes, I had a feature disabled

MyVirtualCPA :

You can go ahead and rate now...thanks so much

Customer:

ok I will attempt again

Customer:

and thank you have a great day

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