Santa Fe Las Campanas-That Time Of Year- Tax Returns

We are again at “that interesting time of the year”, when tax returns are on everyone’s TO-DO list.  The issue is that tax return transcripts are also on the checklist of the lenders.  If your borrowers have a closing date scheduled, it may NOT be in their best interests to file their tax returns at this time.  According to my sources, if a 2011 tax return is filed electronically, it takes 3 – 4 weeks for the 4506-transcript information to be available to the lender from the IRS.  If a borrower files a paper return, it can take 6 – 8 weeks or more for 2011 transcripts to be available.  If the 2011 tax return has been submitted, the lender will WAIT to close, pending verification of the 2011 transcripts.  Rates locks and/or contract dates could be jeopardized.So, my suggestion is to WAIT to file 2011 tax returns.  A borrower may continue making estimated tax payments for 2011, and/or wait to file a 4868 automatic extension to file.  The idea is NOT to postpone paying the taxes, but do postpone the filing of the 2011 return if a purchase (or refinance) is imminent.Call if you have more questions on these comments, our rates, programs and scenarios.  We want to be your trusted source for mortgage information.ANASAZI MORTGAGE RATESFOR Primary Residence (purchase only)As of 03/05/2012
Mortgages to $417,000 (Conforming)
 w/ 1 PointAPRw/ no PointAPR
Mortgages  $417,001 – $1,500,000 **
 w/ 1 PointAPRw/ no PointAPR

** 30-Yr from $417K to $600K @ 4.25% w/ 1.25% Point temporarily offered – APR – 4.38%
3/1 ARM – 30-YR
 w/ 1 PointAPRw/ no PointAPR
5/1 ARM – 30-YR
 w/ 1 PointAPRw/ no PointAPR

7/1 ARM – 30-YR
w/ 1 PointAPRw/ no PointAPR
Conforming2.50%4.050%3.00% 4.471%
Mortgages in excess of $1,500,000, other ARM Products & Interest Only programs are also available – Please call for Quotes.

 Ginger Bowe SullivanANASAZI MORTGAGEP. O. Box 5724Santa Fe, NM  87502-5724Phone:      505-995-8888Toll-Free: 800-995-8888 (if calling outside Santa Fe)Fax: