In order to qualify for a mortgage you need to provide the bank 2 or in some cases 3 years tax returns. You need to have a full time good paying job for at least 2 years.

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My credit score is 703, but i'm self employed and did a no docs, no down apr.

You can refinance as soon and as often as you want. Three things to consider however: 1. Most lenders will only refinance based on the sales price instead of the fair market value if you've owned it for less than twelve months. 2. You will incur closing costs again, adding another $3k to $5k to your principal balance unless you pay them out of pocket. 3. You may have a pre-payment penalty on your current mortgage which will also increase your new loan amount--usually by six months' interest or more. Rick Lanicek www.primelendingonline.com

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Ok, i asked a different question a few minutes ago, that led me down this path. i originally asked: "my boyfriend/partner and i have been together a long time. 5 years ago, we bought a house under my name because he had no credit. it was at the peak of the housing boom and my interest rate is almost 7%. we'd like to lower our mortgage payment, and i'm wondering if i can sell him "my" house since he qualifies for a mortgage at only 5% now with a good credit rating. i'm not sure if the house is worth what we bought it for, but it didn't lose very much in value (maybe 10k) if anything. so... if the house is appraised at say, 160k, and i still owe 165k on my mortgage, can i sell it to him at 165k to lower our payments? how does this work? are there some pitfalls i might be overlooking?" but it appears as though this plan of action would cost us more in the end, especially since it is not our principal residence. some people suggested i look into refinancing for a lower interest rate, but my tax return for 2009 shows only 12k in adjusted gross (i am self-employed). i doubt the bank would adjust my loan on that income level. so when i apply for refinancing, can i list a co-signer even though i'm the only one listed on the deed? thanks for all the great info.

The MAJOR pitfall, is why would you want to give your house away? Do you realize that if you two broke up he can evict you and keep every dime of equity, if any, that gets built up? Don't sign a 30-year contract with someone that you don't have a lifetime contract with...after 5 years, if you haven't married by now, the chances are very slim that you ever will. You can't commit tax evasion (which is what you are doing if you are trying to expect the gov't to believe you only make $12K a year) and use a higher income for a loan...you are at PRIME risk for getting audited for that reason alone. You can put your boyfriend on the deed, but seriously....I wouldn't do that if I were you because that means you can't sell it or refinance it without them allowing you to...no way would someone else have that kind of control when I am footing the bill for it.

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Hi all, i have a 5 yrs term mortgage that i got 2 years ago for a 4-plex i purchased. last month i contacted an appraiser who appraised the property. based on the appraisal the property is worth around 100k more than purchased. this means i can apply for refinancing and potentially take out some equity from the house. here is my dilemma: the mortgage is with excellent conditions - good interest. i got it through a mortgage broker with a big bank in canada. i have 2 options for the purpose of refinancing: either contact the bank who provided the mortgage directly or apply through a mortgage broker who can decide to work with different banks. the problem with going with a mortgage broker is that he already told me the new conditions will be worse than current conditions i have. if the current bank approved my refinancing application it would be with the same or better conditions! on the other hand, if i go with the current bank am i not taking a risk that if they do not agree to refinance the property because i do not meet their criterias (i am self employed now), then they will also not automatically renew my mortgage in 3 years when term is over!? note: if i do not contact them now, then my understanding is that the bank will automatically renew my mortgage since that is the law in canada: as long as you pay all your mortgage payments on time, the mortgage is renewed automatically without the need to re-apply/go through the application process again! i'm just not sure if i contact them now for refinancing and fail, that they will not keep record of my new 'bad' information (i.e. self employed, less stable, etc. whatever caused them not to approve me) and not automatically renew my mortgage when the term is over! bottom line i do not want to lose twice - once not being approved by the good/big bank now, and second damage my chance to be automatically renewed in 3 years. thanks & regards.

Unless things are really, really different in Canada as the USA then your mortgage will not automatically be renewed when it comes up in 5 years. Rather you will have to re-apply for a loan and if they don't like that you are no self-employed they won't renew. So, assuming this is the case there is nothing lost by going with your current bank. However, if you are worried just go with a different bank (or the mortgage broker, though I've never had any luck with them). I doubt the new loan your current bank would give you would be much better than a new loan from a new bank, so it doesn't matter so much which bank you use.

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I am applying for a stated income mortgage. the bank wants my tax return for 2006 because now i am self-employed. is this loan stated or now full doc? i will be charged 2% more in interest for a comparible full doc loan. for 2006, i lived abroad and had a part time job while i went to school. my other income comes from renting a multi-unit building which i am looking for refinancing and also yearly gift money. also, how long do i have to live in this building for it to be eligible for a stated income or full doc mortgage? i've own the place for 5 yrs but last year was in another country. it is still my residence in the states during this time. i have no other apartment or home that i live in. thanks for any help. my credit score is 675. the loan is 7.8% 30 yr. no pts.

That's a full doc loan. They are probably asking for it, because 680 is the normal cut off for stated income conforming loans, but check with your lender.