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How to get a record-low mortgage rate even if you’re self-employed

If you work for yourself and are thinking about buying a home or refinancing, historically low mortgage rates aren’t out of reach.

But first, you have to qualify for the mortgage. As the unemployment rate stays high, lenders are trying to predict whether potential borrowers will be able to make payments. They’ll check — and then double-check — that your income hasn’t been impacted by the pandemic.

“Self-employed people have to jump through hoops like never before,” says Nicole Rueth, producing branch manager of Fairway Independent Mortgage Corp. in Englewood, Colorado. “The paper trail is much more extensive than it’s ever been.”

As mortgage rates continue to dip below 3%, here’s what self-employed people can do to prepare for a mortgage application and score a rock-bottom rate.

Income documentation you’ll need

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You’ll need to provide tax returns and other income documentation.

“Income verification” might sound

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4 must-dos when refinancing into a record-low mortgage rate

Mortgage rates have fallen to unbelievably low levels, and many borrowers are landing 30-year home loans at under 3%.

If you’re a homeowner with an existing mortgage, you might want to consider refinancing — even if your current loan is only a year old. More than 16 million mortgage holders are ripe for a refi, according to one recent study.

Refinancing at today’s record-low rates could save you a few thousand dollars a year in interest, and tens of thousands of dollars over the course of your loan.

If you think it might be time to replace your mortgage with a new one, here are four tips to make sure you get the most out of your refinance.

1. Be certain a refi is the right move

Before you commit to a refinance, there are a few important things you need to consider. Today’s basement-dwelling mortgage rates may look good

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