Published on March 13, 2014
5 Simple Steps for Self-Employed to Get a Mortgage! Being a self-employed is indeed great - you are your own boss. There would be no one instructing or scheduling you, no annoying boss or companions and complete control over the flow of capital. This is probably the most ideal working environment someone can ever wish. Everything seems great until you apply for a mortgage. The situation gets worse when you are self-employed and also have a bad credit score. It would be hard to find best mortgage rates in Mississauga with such a pathetic financial picture. Debt consolidation can be a better option but that too requires regular income flow. Getting mortgage loan is as hard as climbing Mount Everest for those who are self-employed. Lender will question your ability to pay back the loan if you don’t portray yourself as a financially stable person. Following are 5 tactics that help self-employed secure quick mortgage. Achieve Highest Credit Score You need to achieve highest credit score to build a nice image before the lender. You must range between 700 or 800 in score chart. If you are planning to apply for a home loan then, check your credit report first. You can easily maintain credit scores by paying bills on time that would build credibility and provide you benefits in getting mortgage.
Pay Your Debts Self-employed are always considered as a risky-candidates as lenders fear to trust them. Moreover, if you own multiple credit cards and loans then, you get enlisted to the list of least deserving candidates. Lenders are right in their part as they can’t trust a person having higher debts than income. Thus, make sure the debt ratio is not more than 43% of the income ratio. You must prove your ability to manage money and credit efficiently. Try to pay down debts to limit the balances before applying for a loan. Income Proof For mortgage you need to provide proof of income to the banks. They’ll require your tax returns, profit/loss statements and other documents to verify your income. If you have fluctuating income status banks would take average income to decide mortgage eligibility.
Limiting Tax write-offs Write-offs can the best alternative to lower tax income and other bills. However, these reductions may be problematic while applying for mortgage loan. Bank determines the mortgage eligibility with the net income or income after write-offs. It doesn’t matter how good your earnings are, it matters when you deduct a lot of business expenses. Cash Reserve is a Must Bank will carefully inspect your assets to check whether you have any funds set aside for emergency. In case your business slowdowns or you bear some loss, will you be able to do mortgage payments. They’ll review bank statements, retirement statements and you are also expected to disclose other assets to get an overview of your financial status. Some banks require at least 2 or 3 months mortgage payment as a cash reserve after the down payment. In any situation you need to meet bank’s expectations otherwise they’ll reject your application declaring unsecured financing.
Greatmortgagedeals.ca offers affordable mortgage solutions for the financially unwell. You can contact our professionals for exclusive mortgage guidance. They would suggest best possible plan according to your financial needs.
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