Mortgages are a good way to get some money from a house you own. Buying a house can prove to be expensive sometimes, and this can put some people off buying a home. No one want to own a home and have no money left over for other needs; a mortgage offers the solution to this problem.
Due to the high cost of purchasing a home, many people seek a more cost-friendly option like renting a home. While there is nothing wrong with renting a home, there is great satisfaction that comes from owning your own home. When you buy a home, you not only acquire a new property, but also a financial asset where your money can grow. If there ever comes a time where you find you need more money, you can temporarily give up ownership of the house in exchange for money – this option is referred to as a mortgage.
Since the practice requires some sort of insurance on the homeowner’s part, or evidence of financial security, it may be a bit difficult for someone who is self-employed to get a mortgage. While it is difficult, it is far from impossible for a self-employed individual, as mortgages for self-employed people have become a rather common in the financial industry. There are a few steps to become eligible to get a mortgage for self-employed individuals. Once you carry out these steps, you will be qualified and should be able to get a mortgage, as a self-employed individual.
Keep up-to-date records and accounts: Ensure that all your financial records are up-to date. All payments, income and taxes should be accurately recorded to boost your chances of getting a mortgage for self-employed individuals. Ensure that there is no false declaration of payments or income, as this can make you seem untrustworthy, and seriously damage your chances of getting a mortgage.
Consult an accountant: Before you visit the bank to apply for a mortgage, it is advisable to consult an accountant. An accountant will help assess your options, as well as balance your accounts, and help you create an application that will help increase your chances of getting a mortgage.
Speak to a mortgage broker: A mortgage broker has more insight into the financial industry and this insight can prove invaluable in your efforts to secure a mortgage. A mortgage broker will help assess all your options and help guide you to the best mortgage package available. If the mortgage seems unlikely at any point, a mortgage broker can help reevaluate the situation, and create new opportunities.
In countries like Canada, the practice of granting mortgages to self-employed individuals seems to have become common and companies and websites are available to help guide you in your efforts. Clovermortgage.ca is dedicated to helping you find the best package available for you.
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[…] You might also be interested in reading, “Getting a Mortgage if You Are Self Employed“. […]
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