How to Overcome Mortgage Roadblocks

You don’t need a perfect mortgage application to secure a mortgage, but there are some common mortgage roadblocks that may cause a delay. Some issues that arise can prevent you from securing a mortgage altogether. We discuss these issues and help you see how you can get around them.

Working for Yourself is a Mortgage Roadblock

You finally don’t have to answer to a boss. You are in charge of everything. You might love it, but your lender thinks otherwise. Working for someone else provides lenders with a sense of security. Lenders want to see consistency. This might not be something you can offer when you work for yourself.

Here’s how to get around it.

Provide at least 2 years’ worth of tax returns. It’s even better if your income increases during that time. Want even more help? Don’t write off every expense. If you can plan ahead, knowing you will buy a home in 2 years, limit your write-offs. This helps increase your income and your chances of approval.

The more experience you have in the industry, the better too. In other words, don’t go from working as an accountant to opening a florist. While you can, lenders might not see this as a good move. They want experience in the industry. This helps give them peace of mind of your income’s consistency.

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Tami L Barber

NMLS #1030737

(423) 943-9269

Encore Lending Group LLC

NMLS #1249911

206 Wesley St, Johnson City TN 37601

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The information contained in this site has been prepared by an independent third party and is distributed for educational purposes only. This is designed to give helpful tips on the mortgage process and is not intended to give legal advice. Information is considered reliable but not guaranteed. This is not a prequalification, preapproval, loan approval or commitment to lend.