Mortgages for Self Employed

It has always been a bit difficult to process application of mortgages for self employed individuals. This is due to the lack of corporate pay slips and bank statements in a freelancer or contractors employment history. Thus, as a result, a different set of requirements must be submitted to be able to establish financial capability when applying self employed individuals apply for mortgages.

While a bit different, chances of acquiring mortgage and approval of loans is fairly the same as those with corporate jobs.

Mortgages for self employed: What to prepare?

First of all, we are talking about the same home mortgage that the other half of the population is applying for. Next, since self employed individuals have different methods of being paid, their financial capability to pay is also assessed differently.

Here are just a few of what could be provided to back up your mortgage application:

• Record of regular source of income
• Good credit history
• Few years of healthy bank deposits and balances
• Up-to-date account duly prepared by a certified accountant

In conclusion, assessment of mortgage applications are essentially based on the same criteria. Therefore, chances of approval is probably the same. However, it would not hurt to be better prepared with the above guidelines to make sure that you are ready. Read up to have enough knowledge of the Mortgage Do’s and Don’ts to help you land your dream home easily. Most of all, do not hesitate to heed the assistance of professional realtors because they can make it all easier for you. Hence, you’ll be good to go in no time.

If you’re self employed and still have doubts, enter your information below and we will send you details about all of the options that are available for you.