Refinance Mortgage: How to Refinance Your Mortgage When You Are Self Employed

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Refinance Mortgage: How to Refinance Your Mortgage When You Are Self Employed
(presented by www.refinance-refinance.net - mortgage lenders)

By Louie Latour

If you are a self-employed homeowner, refinancing your mortgage can be a difficult task. Mortgage lenders typically want you to verify the source and amount of your income; this can be difficult for many self employed workers. Here are several tips to help you secure a mortgage with your self employment income.

Mortgage lenders want to see two years of employment history from their borrowers. If you are self-employed this often goes up to three years. The easiest way to prove your self employment income is to use your tax returns. Many lenders use the average income claimed on your taxes as your profit, not the gross income from your business. Bank statements are a useful way to prove income; try and keep statements going back at least two years.

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If you do not have the necessary documentation or do not wish to disclose the source or amount of your income, you could use a stated income no doc mortgage to refinance your home. Many homeowners that value their privacy use no doc loans to avoid disclosing their sensitive financial information; the main requirement for qualifying for this type of mortgage is excellent credit. No doc mortgages typically come with higher interest rates and lender fees than traditional mortgage loans because the lender assumes more risk by not documenting the borrower

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This entry was posted on Thursday, October 12th, 2006 at 2:18 am and is filed under Refinance. You can follow any responses to this entry through the RSS 2.0 feed. Responses are currently closed, but you can trackback from your own site.

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