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Are you looking to refinance your current first mortgage or both your first and second mortgage? If so, you need to know that there are several different options available to you. There is your conventional refinance, which is for most everybody, and there is also a no doc refinance loan that is designed for specific groups of people. Here is what a no doc mortgage is for.

If you run your own company and you do not claim all of your income because of business expenses or another reason, then you are right where you need to be with a no doc or stated income refinance of your mortgage or mortgages. These programs were originally designed for the small business owner because it is not always easy to prove all of your income when you run your own business. This is particularly true for those people that run an online business from home.

These no doc mortgages have been used since the 1970s, but now they tend to get abused. With the pressure of getting so many loans done in a months time account executives are using the stated income programs for people that cannot afford a normal mortgage. This is bad and if this is you do not accept this type of loan because you will be setting yourself up for foreclosure.

Another group of people that can benefit from a no doc or stated income refinance are the tipped employees and indepenent contractors. These people rarely claim all of their income and sometimes they can afford more of a mortgage than they qualify for. They are prime candidates for no doc home loans and this might be the only way that they are able to get the refinance loan they need.