3 things the self employed need to do in order to refinance

3 T H I N G ST H E S E L F -E M P L O Y E D

N E E D T O D OI N O R D E R T OR E F I N A N C E

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Your situation is completely different,going from someone’s employee to self-employed. In the eyes of the bank, this isa riskier move, but that does not mean itis impossible to refinance.

ARE YOU RECENTLY SELF-EMPLOYED?



F O L L O W B E S T P R A C T I C E S

Have a licensed CPA prepare your taxes right

from the start.

Have a business license with your name on it.

If you do not have a business license have

your CPA write a letter on his letterhead

stating that you have been in business for the

last 2 years or longer.



HAVE HIGH CREDIT SCORES

Minimize your utilization rate, which means try to

pay down as much of your debt as possible.

Make your payments on time all of the time,

especially any housing or installment payments.

Take care of any collections or judgements

reporting on your credit report, whether you have

to pay them off or just straighten them out,

getting them removed from your credit report if

they were already satisfied.



Save Money for Easy Refinance

Money talks in the mortgage industry. The moreliquid money you have available and can prove to alender, the less risk you become. Being self-employed adds a layer of risk to your mortgageapplication because you do not have a steadyincome like you would have if you were a salariedemployee. Because of this, lenders need factors thatwill make you less risky – or factors that will helpyou continue to make your mortgage paymentsshould your business suddenly begin to falter.



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C L I C K H E R E

T O L E A R N M O R E

BSL



Justin McHood is Americas MortgageCommentator and has been providing

Mortgage commentary for over 10 years.

INFORMATION PROVIDED BY:Justin McHood

MORTGAGE COMMENTATOR


http://mortgagecommentator.com/

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3 things the self employed need to do in order to refinance

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