Are you struggling to qualify for a mortgage refinance but have been denied by all the top mortgage companies like Amerisave because you’re self-employed? There are a number of reasons that mortgage lenders deny mortgage refinancing applications for self-employed workers, a 20% drop in your income or too many tax deductions could be the culprit. Here’s an article on MortgageLoan.com with several tips for the self-employed mortgage refinance challenged:
Refinancing a mortgage can be a challenge these days, particularly if you’re self-employed or have other types of irregular income. Even well-to-do borrowers with significant equity in their homes may find it difficult to qualify for a mortgage refinance if lenders detect any sign of uncertainty about their finances. Because well-off borrowers often have complex finances, demonstrating the stability of those finances to a lender’s satisfaction can be difficult, particularly in the present economic climate.
If your mortgage refinancing application has been denied due to self-employment income, don’t get too discouraged. Different mortgage lenders have different standards for underwriting; your mortgage refinancing that’s denied by one lender may be approved elsewhere.
There are things you can do to improve your chances of being approved. Document as much self-employment income as possible, especially if deductions on your tax returns are making your seem income smaller. Also, take stock of your credit reports by visiting the website annualcreditreport.com, making sure there are no errors preventing your mortgage refinance application from being approved.
You can get more money-saving tips before you refi to help you qualify for today’s lowest mortgage refinance rates by checking out my free Underground Mortgage Videos.