Mortgage Refinancing Tips for Self Employed Homeowners

Louie Latour
 


Visitors: 120

Mortgage refinancing for self employed homeowners is not impossible; you will simply need to provide more documentation to the lender. There are a variety of reasons for mortgage refinancing regardless of the economy and mortgage interest rates. Here are several tips to help you decide if mortgage refinancing is right for you.

Convert Your Adjustable Rate Mortgage

Mortgage interest rates have been on the rise in recent years; as a result many homeowners are converting their Adjustable Rate Mortgage (ARM) loans to fixed interest rates. Converting your ARM to a fixed interest rate has the advantage of a predictable mortgage payment that will not change over time. As a self employed homeowner, having regular mortgage payments you can plan your budget around is a definite advantage.

Recouping Your Expenses

Because there are costs involved with mortgage refinancing it is important to determine how much you will save and how long it will take you to recoup the lender fees and closing costs. Generally speaking, the longer you plan on keeping your home, the more sense it makes to refinance your loan. A simple mortgage calculator will help you determine your new payment amount based on the interest rate and term length you choose.

Choosing a Shorter Term Length

As a self employed homeowner your financial objective might be to eliminate your debts as quickly as possible. Mortgage Refinancing with a shorter term length could help you reach this goal. By shortening the term of your new mortgage, 15 years is a popular choice, you will build equity at a much faster rate and qualify for a lower interest rate. Shortening the mortgage term length results in a higher payment amount and you will need to budget accordingly.

Documentation You Need When Mortgage Refinancing

Mortgage lenders tend to require slightly more documentation when approving self employed homeowners. You can save yourself stress and future headache by gathering the necessary documents before applying for a new mortgage. Here is a list to help get you started.

I. Tax Returns for the Last Two Years

II. Your Current Year Profit/Loss Statement

III. Your Homeowners Insurance Policy

IV. Bank Account and Investment Account Statements for the Last Two Years

V. The Payoff Balance and Contact Information for Your Existing Mortgage

You can learn more about mortgage refinancing while avoiding costly mistakes by registering for a free mortgage guidebook.

To get your free mortgage guidebook visit using the link below.

Louie Latour specializes in showing homeowners how to avoid costly mortgage mistakes and predatory lenders. For a free copy of “Mortgage Refinancing - What You Need to Know, " which teaches strategies to find the best mortgage and save thousands of dollars in the process, visit .

Claim your free mortgage refinance information guide today at:

Mortgage Refinancing Self Employment

(506)

Article Source:


 
Rate this Article:  0.0/5(0 Ratings)

Related Articles:

Mortgage Refinancing Tips to Help You Shop for the Best Home Mortgage Refinance .

by: Louie Latour (December 18, 2006) 
(Real Estate)

Home Mortgage Refinance Loan – Tips to Get Started With Mortgage Refinancing

by: Louie Latour (December 15, 2006) 
(Real Estate)

Tips To Getting Approved For A Mortgage For The Self Employed

by: C.L. Haehl (March 30, 2007) 
(Real Estate)

Mortgage Refinance Information – Tips for Refinancing Your Mortgage After ..

by: Louie Latour (November 02, 2006) 
(Real Estate)

Refinance Mortgage Loan - Tips on Refinancing Your Home Mortgage

by: Carrie Reeder (April 21, 2005) 
(Finance/Mortgage Refinance)

Mortgage Refinancing Tips - Find The Best Mortgage Loan

by: Louie Latour (November 15, 2006) 
(Real Estate)

Mortgage Refinancing – Tips to Help You Get The Best Mortgage Interest Rate

by: Louie Latour (November 20, 2006) 
(Real Estate)

Home Mortgage Loan Refinancing Online - 3 Tips on Refinancing Your Home

by: Carrie Reeder (August 31, 2005) 
(Finance/Mortgage Refinance)

Self Employed Mortgage Loan - Getting a Mortgage When You're Self Employed

by: Carrie Reeder (April 06, 2005) 
(Finance/Mortgage Refinance)

Refinancing 2nd Mortgage - Tips to Refinancing 2nd Mortgage

by: Carrie Reeder (January 04, 2006) 
(Finance/Mortgage Refinance)