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Mortgages for Self-Employed Borrowers
Mortgages for Self Employed Borrowers
When you are self employed, the lender policies and rules become even more complex. This is why you need a mortgage broker with experience in getting these types of mortgages approved. Whether you are trying to buy a home, or refinance your current home, there are mortgage lenders that understand what it means to be self employed. You claim less income on your income taxes because of write offs, you may have loan payments that are made by the business but still show up on your personal credit report. These are just two examples of the many special circumstances that you may have if you are self employed. An example of a solution to low income on your income tax return is a “Stated Income” mortgage product. In this type of mortgage product, the mortgage company lets you sign a declaration for how much you earn, instead of forcing you to use what you claimed on your income tax return.Contact a Mortgage Broker
What is the process of getting a self-employed mortgage?
Self Employed mortgages are often more document intensive, because mortgage lenders require a few more documents as part of their due diligence when deciding whether to approve your loan.
The “Pre-Approval” process is very important here. The mortgage broker will take the application, check your credit, and collect the majority of the documents up front. This is so the broker can compare your documents to the policies of the potential mortgage lenders, and see which mortgage company is most likely to approve your mortgage application.