Mortgage Blog
Mortgage For self Employed
April 18, 2024 | Posted by: Sarabjit Dhuna
If you are self employed and thinking about getting mortgage for home? Mortgage application process can be complicated and lengthy. However, its possible to get mortgage at best lending rates. There are two types of mortgages for self employed. 1. Stated Income Mortgage 2. Insured Stated Income mortgage.
Getting Mortgage for Self Employed
- Gather all Tax returns, Income, bank statements and credit score reports. Lender will check your financial health and if its good then it will be easier to get approved And also shorten the overall time of the mortgage process.
- You must maintain good to excellent credit score so, you need to pay bills on time and debts should be minimum. You should not have any recent inquiry in your credit report.
- You also need to show consistent and stable income so, lender can trust you to repay mortgage.
- You can also pay larger down payments to increase lender’s trust and reduce risk
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