Why self-employed mortgages are easier than you've been told
October 5, 2016
There are a lot of questions when it comes to being self-employed. Questions about qualifying for a mortgage when you are self-employed are not exempt from that list, although most of my clients have believed the myth that they aren’t going to be able to qualify at all – if not with a big struggle. That’s tragic!
In 2012, federally regulated banks were required to tighten their processes for approving mortgage refinancing, which made it seem as though self-employed people were no longer able to gain approval at all. Although processes changed, the ability to receive mortgage approval is still more than possible. Unfortunately, that myth wormed its way into people’s mind, killing hopeful homeowners dreams before their time.
Just as there are guidelines with any other mortgage financing, there are guidelines with a self-employed mortgage. The best response to change is not to give up! Instead, start familiarizing yourself with the qualifiers, and begin working towards these as you would any other goal with you trusted mortgage associate by your side. Most of my clients talk with me every year when they create their business plan and financial goals for the next season. It has been such a pleasure to see goals realized on a regular basis, all because they take time to plan.
There are no quick fixes to anything in life that is worth your while. While it takes more effort, understanding both your personal and professional financial state will only help to bring you closer to realizing your dreams.
Before disqualifying yourself based on a myth that you won’t qualify because you are self-employed, call me so I can show you how you do qualify!