How to Increase Your Chances of Getting a Mortgage
If you are self-employed, mortgage options can be somewhat limited. There are plenty of self employed mortgage options out there, but different companies have different criteria. Following these tips can help you secure a low rate mortgage to purchase a home. Start planning and preparing now, and you can land a great rate on a self-employed mortgage. It will take some effort on your part, but it will be well worth it in the end.
Claim more on your taxes
When you are self-employed, you can get quite a few tax deductions by claiming things as business expenses. While this works out great for you, the general outcome when applying for a mortgage is not as good. Mortgage companies may want to look at your taxes to determine how much you make per year. When they take a look, they will determine your income after your expenses. Start claiming less business expenses for the next couple of years to score a better deal on a self-employed mortgage.
Straighten out your credit
The better your credit is; the better chance you have at being approved for a self-employed mortgage. If you have bad credit, start paying off old debts and building your credit back up. If you do not have any credit, start building some credit now so that you will have good credit when you apply for a mortgage in a couple of years. The experts at CIS mortgage can still help you find a mortgage if you have bad credit, but having good credit makes it easier to get approved for a mortgage.
If you are interested in getting a mortgage as soon as possible, do not let your bad credit cause you any stress. CIS Mortgage experts are experienced professionals that can help you get a mortgage regardless of what your credit is. There are some stipulations that may apply. Contact us to discuss your current credit situation and how it will affect your mortgage today.
Prove that you have income
If you have recently switched jobs, make sure that you can prove your current income. This is particularly important if your income is higher than it was in previous years, or when you last filed taxes. Use check stubs, invoices and receipts to prove that your income is exactly what you say it is. By showing proof of your income, you are proving that you are able to pay off your mortgage.
At CIS Mortgage, we can also help you with a mortgage if you have proof of future income, such as a contract that will last for the next six months.
Getting a mortgage when you are self-employed can be hard, especially if you are not familiar with self employed mortgages, but it’s not hopeless. As long as you have the income to pay off your mortgage, we can help you get one. Contact CIS Mortgage for more information. Our friendly experts are experienced in helping contractors and self-employed individuals find the perfect mortgage.