HOW TO GET A MORTGAGE IF YOU’RE SELF-EMPLOYED
It can be challenging to secure a mortgage when you’re self-employed. But we take the time to work with you, understand your situation and do everything we can to get your mortgage approved. Your best bet is to reach out to a local Northern Mortgage Expert, who can talk you through the process. In the meantime, here are a few tips that can help you on your journey to home ownership:
#1 – ESTABLISH A GOOD TRACK RECORD
If you can show that you have a history of successfully earning a steady, stable income while being self-employed, it’ll greatly improve your chances of securing a mortgage loan.
#2 – MAINTAIN A GOOD CREDIT SCORE
Consistently paying your bills on time to earn a good credit score will make you a more attractive candidate for a mortgage and may even earn you a better interest rate.
#3 – GET RID OF ANY EXISTING DEBTS
Try to pay down any existing debt – credit cards, loans or lines of credit – so that meeting your mortgage obligations won’t interfere or compete with other debt obligations.
#4 – MAKE A SIGNIFICANT DOWN PAYMENT
Putting down a lot of cash up front will show your commitment and lenders will see you as less likely to walk away during times of financial strain.
#5 – SET ASIDE SAVINGS
Having significant cash reserves or an emergency fund can show that you are will still be able to make mortgage payments in case of emergency or unforeseen circumstances.
We hope you’ve found these tips helpful. If you’re considering applying for self-employed mortgage, we urge you to book an appointment with a Mortgage Expert, who’ll be able to assess your unique circumstances.