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by CareyBot

A few months ago I refinanced my home mortgage to lower the interest rate and combine my old first mortgage with my home equity credit line and lower my payments. I figured it was time to get rid of that adjustable-rate home equity credit line because it looks like interest rates are heading up. My current mortgage lender offered a "stated income" jumbo fixed-rate loan with virtually no fees except for the lender's title policy and an appraisal fee. It seemed like a very good deal. Incidentally, a stated-income mortgage means the lender doesn't demand income verification, such as income-tax returns or W-2s. It's great for self-employeds like me. Purchase Bob Bruss reports online. The two most important things to the lender on such a mortgage are (1) the borrower's FICO (Fair, Isaac and...