Let's talk about something important – buying a home when you're your own boss. In 2024, getting a mortgage as a self-employed individual has some twists and turns. Let's explore some tips to make this journey smoother for you.
New Ways to Show Your Money
Before, proving your income for a mortgage was like a puzzle. But good news! Now, banks are okay with different pieces of the puzzle. Things like bank statements, your business's money flow, and Financial Statements are accepted. It's like having more options to show how good you are with money.
Your Credit Score Is a Star
Imagine your credit score as a superhero in your mortgage story. Keep an eye on your credit report. Fixing any mistakes and keeping your credit score strong can be your secret weapon for a better mortgage deal.
Different Kinds of Mortgages
Think of mortgages like flavours of ice cream. There are new and different ones now, especially for self-employed individuals like you. Some have variable rates, some fixed, and some let you pay only the interest first. Exploring these options with a mortgage professional can help you find the one that fits you best.
Show Your Money Skills
Lenders want to see you're good at managing money, so keep your business and personal money stories neat and clear. Saving money regularly also makes lenders like you more.
Friends Who Understand You
Imagine you have a friend who really gets how you work. Arise Mortgage specializes in helping people like you. Connecting with us can make the mortgage process feel less like a maze and more like a smooth ride. Chat with us today and let's begin your exciting journey towards owning your home!