Information About Self-Certification Mortgages

www.hair-loss-problem.com - A Self-certification mortgage is where the mortgage lender requires no proof of income i.e Bank Statements, Payslips or Accounts for self employed applicants. There can be many reasons for people needing to self-certify their income. These may include- accounts not readily available for the self-employed, did not wish to provide income verification in order to speed up the mortgage process etc.
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Self Employed Refinancing Problems - What Can Business Owners Expect?

fixedrate.refinanceone.net - Refinancing for the self employed has gotten significantly easier over the last few years, due primarily to ready availability of stated income and no income verification loans. These are loans for which there is little to no documentation required from you to substantiate your income for the purposes of qualifying for a refinance. Over the past few quarters, especially during the current quarter, credit score requirements for these types of mortgages have increased substantially. So while a credit score of 620 was definitely considered "good" by mortgage companies as recently as December 2006, most limited documentation loans require a minimum of 720 credit scores today. Even though certain specialty lenders may still be able to refinance a borrower with stated income below a 720 FICO credit score today, you will not be able to borrow quite as much against the old homestead as you could have previously either. And when you refinance again in the future, or purchase your next home, you will probably be asked to document your income. So how can a self employed person or a business owner navigate a complex and changing lending environment? readmore..
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