Self Employed Mortgage Refinance Options2023-03-08T13:13:26-08:00
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Mortgage Refinancing

Self Employed Mortgage Refinance Options

If you’re Self Employed, you know that the process of refinancing your mortgage is a bit more complicated than it is for those with a traditional job. But that doesn’t mean it’s impossible to find Self Employed Mortgage Refinance Options that work for you.

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What Do You Need To Get Mortgage Refinance When You Are Self Employed?

The first thing you will need is your most recent tax return. This will show lenders how much money you made last year and help them determine if you can afford the new loan. You will also need to provide financial statements for your business, as well as any other documentation that can prove your income. Be prepared to answer questions about your business and provide detailed information about your finances.

Another thing to keep in mind when you are self-employed is that you may need a larger down payment than someone who is employed by a company. This is because lenders view self-employed individuals as a higher risk. If you do not have a large down payment, you may still be able to get mortgage refinance, but you may have to pay a higher interest rate.

Despite all of these challenges, it’s still possible to find Self Employed Mortgage Refinance Options that work for you. You’ll just need to be a bit more diligent in your search. Start by talking to your current lender about Self Employed Mortgage Refinance Options. They may have some programs that can help you.

IMI Financial Group offers Self Employed Mortgage Refinance Options. And help compare offers to find the best Self Employed Mortgage Refinance Option for your needs.

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What Are The Benefits Of Mortgage Refinance?

How Can Refinancing Your Mortgage Help With Your Financial Goals?

Lower Interest Rates

Mortgage Refinance offer a lower interest rate than other types of loans. This can help you save money on interest over time and make it easier to pay off your loan.

Flexible Repayment Terms

Mortgage Refinance often come with flexible repayment terms, which can give you the flexibility to choose a payment schedule that fits your budget.

Possible Tax Deductions

Interest paid on a mortgage refinance may be tax-deductible. Speak to a mortgage expert at IMI Financial Group to see if you can qualify.

How Do Conventional Lenders Calculate Self Employed Income?

To calculate someone’s income for a loan, most lenders only consider the average of the last two years from their tax returns. Before tax write-offs, a lender that is open to stated income mortgage applications will frequently evaluate your last two years of gross reported income before taxes. In certain situations, particular lenders will allow you to provide additional sources of income, such as part time gigs or other self employed work, cash earnings, and so on.

When applying for a loan, several lenders will consider your credit history and score. If you have a lot of past-due bills or balances on your credit cards, prepare to pay them off as soon as possible before submitting an application. You might also use part of the money from your loan to pay off other debts, as you would with a debt consolidation mortgage. A lender may regard high outstanding obligations as a greater risk to their investment.

In Canada, a major benefit of being self employed or owning a corporation is that you can write off specific work-related expenses, including business travel, legal fees, corporate schooling, and business lunches. An employee who draws a regular paycheck usually doesn’t have the same opportunities.

The advantage of writing off these business expenses is that you can pay less income tax. On the downside, though, when applying for a mortgage or loan from a bank, this will limit how much money you can borrow and the interest rate discount the bank might give you.

Looking for a mortgage instead? Read more on how much you can borrow based on your income

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Chris Debt Consolidation and mortgage refinance testimonial

“I was diagnosed with a brain tumor and was in the hospital for months. Before that I was self employed so the bank wouldn’t help me because of my income statement. My credit cards all had high balances. IMI Financial Group was able to consolidate my credit and save me from my monthly payments of $2207.46 and get me $50k to do renovations for my home.”
Chris

Learn More About Mortgage Refinance

  • When does it make sense to refinance a mortgage loan

When does it make sense to refinance a mortgage loan

By |February 23rd, 2023|Categories: Home Equity Loan, Mortgage, Mortgage Refinance|Tags: , , , , , , , , |

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