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    cost of refinancing your home is $3,000, and you save $80 per month, your break even is at about 37.5 months (or 38 months). This means it would take three years and two months to start realizing savings. Will you be in the house past that point? If so, it is worth the refinance.

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    Deciding whether or not to refinance your home mortgage can be a decision fraught with worry. This only increases when you are self-employed and seeking an Arizona mortgage refinance. Because of the nature of self-employment, any change in financial circumstances can add stress to the household finances. However, when carefully approached, an mortgage refinance can be a money-saving opportunity for the self-employed.

    Deciding to refinance your Arizona mortgage

    There are many ways you can look at a mortgage refinance and gauge whether or not it is a good idea for you in your situation. Here are some of the methods a self-employed person can use to determine whether or not he or she wants to refinance a home loan:

    ARM to fixed rate. An adjustable rate mortgage (ARM) comes with many disadvantages. If you are planning to stay in your home for a while, refinancing to a fixed rate from an ARM can help diminish some of your financial instability as someone who is self-employed. With an ARM, the payments change as the interest rate does, sometimes monthly. With a fixed-rate mortgage, you will always pay the same amount each month, giving you something you can rely on.

    Break-even analysis. This is a way of determining whether refinancing your mortgage would actually benefit you. You figure out how long you would have to be in the home to break even: If the cost of refinancing your home is $3,000, and you save $80 per month, your break even is at about 37.5 months (or 38 months). This means it would take three years and two months to start realizing savings. Will you be in the house past that point? If so, it is worth the refinance.

    Short loan term. When one is self-employed, getting out of

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    refinance can be a money-saving opportunity for the self-employed.

    Deciding to refinance your Arizona mortgage

    There are many ways you can look at a mortgage refinance and gauge whether or not it is a good idea for you in your situation. Here are some of the methods a self-employed person can use to determine whether or not he or she wants to refinance a home loan:

    ARM to fixed rate. An adjustable rate mortgage (ARM) comes with many disadvantages. If you are planning to stay in your home for a while, refinancing to a fixed rate from an ARM can help diminish some of your financial instability as someone who is self-employed. With an ARM, the payments change as the interest rate does, sometimes monthly. With a fixed-rate mortgage, you will always pay the same amount each month, giving you something you can rely on.

    Break-even analysis. This is a way of determining whether refinancing your mortgage would actually benefit you. You figure out how long you would have to be in the home to break even: If the cost of refinancing your home is $3,000, and you save $80 per month, your break even is at about 37.5 months (or 38 months). This means it would take three years and two months to start realizing savings. Will you be in the house past that point? If so, it is worth the refinance.

    Short loan term. When one is self-employed, getting out of

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    e wants to refinance a home loan:

    ARM to fixed rate. An adjustable rate mortgage (ARM) comes with many disadvantages. If you are planning to stay in your home for a while, refinancing to a fixed rate from an ARM can help diminish some of your financial instability as someone who is self-employed. With an ARM, the payments change as the interest rate does, sometimes monthly. With a fixed-rate mortgage, you will always pay the same amount each month, giving you something you can rely on.

    Break-even analysis. This is a way of determining whether refinancing your mortgage would actually benefit you. You figure out how long you would have to be in the home to break even: If the cost of refinancing your home is $3,000, and you save $80 per month, your break even is at about 37.5 months (or 38 months). This means it would take three years and two months to start realizing savings. Will you be in the house past that point? If so, it is worth the refinance.

    Short loan term. When one is self-employed, getting out of

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    terest rate does, sometimes monthly. With a fixed-rate mortgage, you will always pay the same amount each month, giving you something you can rely on.

    Break-even analysis. This is a way of determining whether refinancing your mortgage would actually benefit you. You figure out how long you would have to be in the home to break even: If the cost of refinancing your home is $3,000, and you save $80 per month, your break even is at about 37.5 months (or 38 months). This means it would take three years and two months to start realizing savings. Will you be in the house past that point? If so, it is worth the refinance.

    Short loan term. When one is self-employed, getting out of

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    cost of refinancing your home is $3,000, and you save $80 per month, your break even is at about 37.5 months (or 38 months). This means it would take three years and two months to start realizing savings. Will you be in the house past that point? If so, it is worth the refinance.

    Short loan term. When one is self-employed, getting out of debt quickly has its advantages. Refinancing your mortgage from a 30-year term to a shorter term can save you a great deal of money in the long run, even if you pay more now. Say you pay $900 a month on your mortgage now, and refinancing would bump it up to $1150. If you are five years into your term, you will still make 300 more payments amounting to $270,000. With 15 years to go, you will make 180 payments of $1150 for a total of $207,000. That’s an overall savings of $63,000. Look into your business. Do you have enough money to pay an extra $250 per month?

    Documentation needed for a self-employed Arizona mortgage refinance

    If you are self-employed, you will need slightly different documentation for your home loan refinance than an employee would need. Here is a list of what you would need to bring in as a self-employed person looking to refinance a mortgage:

    1. Current mortgage statement
    2. Year-to-date Profit and Loss Statement
    3. Two most recent tax returns
    4. Homeowner’s insurance information
    5. Proper identification
    6. Statements for liquid accounts (i.e. savings, checking, retirement accounts)

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