Mortgage Options for Self-Employed and Non-Traditional Applicants
You might be wondering if you can get a mortgage loan if you’re self-employed. The good news is yes, you can. Like salaried individuals, you need to prove income stability and creditworthiness. Furthermore, there are several mortgage options available for self-employed people, business owners, freelancers, and other non-traditional workers. With the right planning and preparation, you can secure a home loan. Self-Employed Defined According to financial institutions, you are deemed self-employed if you own at least 25% of a business. You can be a partner or sole owner. Self-employment also includes gig workers, remote workers, freelancers, and contractors. What You Need to Prove Since self-employed individuals don’t have W-2s to prove their income, they will need to provide documentation of a stable income for two years. This is usually done by submitting their tax returns for two years. You may also need additional documentation such as a bank statement or 1099s. This is why it’s a good idea to have all your paperwork ready when you go to apply for a mortgage loan. Mortgage Options for Self-Employed Individuals Traditional Mortgage Loan- A traditional mortgage isn't guaranteed by the government. This loan type is a huge risk since the government is not going to pay it back if the borrower can't. FHA Loan - FHA loans are guaranteed and insured through the Federal Housing Administration (FHA). The loan is offered by a mortgage lender or bank and if the borrower can’t pay the loan back, FHA steps in to help. USDA Loan – If you’re a self-employed freelancer dreaming of working out of your country home, a USDA loan might be...
Are mortgage brokers worth it?
The process of buying a home can seem overwhelming. Getting a great mortgage loan with the best possible rate is essential–but how can you find it? A mortgage broker can connect borrowers to lenders and help people navigate the process of getting a mortgage from beginning to end. Learn about why you’ll benefit from working with a knowledgeable mortgage broker. Ready to buy a home or refinance your existing mortgage? Find the best mortgage broker Denver by contacting the team at Quickstart Mortgage Group today. What Does a Mortgage Broker Do? A mortgage broker is someone who connects mortgage lenders and people or businesses looking to borrow. Mortgage brokers can also facilitate refinancing to help people reduce the interest rates on an existing home loan. Mortgage brokers’ services may vary. Generally, mortgage brokers’ duties include the following: Evaluating a borrower’s financial circumstances Exploring potential mortgage options for borrowers Pre-approving borrowers for a mortgage Collecting pay slips, bank statements, credit reports, and other financial documents Applying for loans on the borrower’s behalf The mortgage broker offers guidance, knowledge, and support throughout the loan application process. Their primary goal is to find the best mortgage loan for clients. The Benefits of Working with a Mortgage Broker Most people don’t apply for a mortgage every day–but mortgage brokers do. The expertise and support a mortgage broker can provide are incredibly valuable throughout the process of securing your home loan. Here are some of the benefits of working with a mortgage broker: Mortgage brokers have regular contact with a wide range of lenders that aren’t always well-known to the public. This widens the net...
What is a Mortgage Broker?
Buying a new property can come with its share of hassles and headaches. While the ultimate goal is to settle into your new home or begin work on that investment property, the path that takes you there can be full of setbacks and confusion. Finding a mortgage is one of the most significant pieces of the puzzle. In most cases, knowing exactly how much you can borrow and be approved for a mortgage is essential before making an offer on a new property. But finding lenders, doing the research, and filling out the right paperwork can be time-consuming– and often frustrating. It’s hard to know which lenders will give you a loan and who will give you the best rate. A mortgage broker can help you get the mortgage you want without the frustration and work. Learn how to find a mortgage broker Denver and how having one on your team can make the process of buying a property as easy as possible. What is a Mortgage Broker? A mortgage broker is someone who connects mortgage lenders and potential borrowers. A mortgage broker does not use their own funds to make the connection between borrowers and lenders. Mortgage brokers work with individuals and businesses. They can also help clients refinance existing mortgages to get a better rate. The priority of a mortgage broker is to ensure that both the lender and borrower are informed and satisfied with the loan process. They offer guidance and knowledge that helps borrowers get the best loans at optimal rates. What Does a Mortgage Broker Do? Mortgage brokers offer a wide array of services. Each...
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