Getting a Mortgage if You’re Self-Employed Requires More Effort
Getting a mortgage these days is tough enough, trying to achieve the same lofty goal if you’re self-employed is even worse. Granted, when the economy was in the darkest depths of the financial downturn, self-employed parties needed an extra large dose of luck. Even then the chances were almost nil.
Fast forward a few years and you have a collection of successful folks who decided to go it alone once they lost their jobs during the recession. It was one solution to an endless parade of closed doors and rejections. Now some of these entrepreneurial business people have reached a point where they want to upgrade their homes to better accommodate their office space. Or, they may even consider a stand alone office.
Either way, the majority of these buyers will need a mortgage. Lending companies are starting to take a second look at these individuals and seem to be receptive to self-employed mortgages, with reservations. Essentially, the more you do your homework before...