How to Refinance with a Tupelo Mortgage Lender if You’re Self-Employed

If you’re self-employed and worried that you might have a harder time talking to your Tupelo mortgage lender about refinancing, there are a few important things that can boost your chance of getting approved. For starters, make sure that you have all the necessary documents. Since you don’t have pay stubs, lenders will often ask for two years’ worth of tax returns, profit and loss statements, and account information as proof of capacity to pay the restructured mortgage. Pay even closer attention to your credit score as higher numbers are required for self-employed individuals than salaried workers. Keeping your debt-to-income ratio stable will be taken positively by lenders, and will improve your credit score, as well. Furthermore, the average mortgage lender in Tupelo tend to be vigilant about the self-employed knowing how their incomes tend to fluctuate.

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