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.
To continue reading click here!