06/14/2022
Tips to get approved your mortgage without stress.
We understand the unique circumstances of those who are self-employed and can help you in your home buying journey. Our latest blog examines five ways you can prepare to apply for a mortgage when youβre self-employed.
1. Keep records. Having a stable source of income π² shows that you can make the required payments to service a mortgage π , so make sure your income flow is well documented.
2. Maintain good credit. A good credit score π³ is an important part of your mortgage application π , so itβs important to understand the components that make up a good score and take the necessary steps to maintain it.
3. Save for your down payment. A larger down payment increases the value of your interest β or equity β on your home π , which in turn widens the range of financing options π² you can potentially qualify for.
4. Reduce your debt. Paying off the balance of any existing loans π³ you have will reduce the number of monthly payments you have to make, freeing up your cash flow and making it easier to service your mortgage π .
5. Work with a broker. An experienced mortgage broker π©πΎβπΌ will be familiar with the ins and outs of the housing market π and have close relationships with alternative lenders to provide solutions around your financial circumstances.
Read the full blog here: https://www.hometrust.ca/blog/five-tips-for-getting-a-mortgage-as-a-self-employed-home-buyer/
