If you’re self-employed, you know you “never have enough” income to qualify for the mortgage or credit you’re looking for.
When it comes to getting approved as a self-employed business owner, it’s essential to plan ahead. Before any year-end accounting, you should always keep future purchasing plans in mind. If you’re looking to qualify for traditional financing, it’s often necessary to pay some taxes to be eligible for a better rate on your financing. It’s important to have your net income or projected net income available, so be sure to have that ready!
As a self-employed professional, it’s important to know that you have options. If you’re working with a mortgage broker, say goodbye to the arguments and constant back-and-forth with your bank rep. With a mortgage broker, there are alternative lending solutions available. One option is a Stated Income/Asset Mortgage, where a lender will consider a reasonable income level for your industry even if that amount isn’t reported on your taxes. Some lenders may also consider Business for Self Income, verified using your business bank statements!
If you’re looking to apply for a mortgage or refinance in the next 6-18 months, send us a message or give us a call at 705-805-9055 so a member of our team can start preparing for your approval!