You're Self-Employed? Don't Freak Out: How to Lasso That Mortgage Like a Champ
So, you're a maverick, a freelancer, a captain of your own destiny (with a slightly terrifying tax bill). You love the freedom of being your own boss, but there's one tiny hurdle that puts a wrench in the dream of homeownership: the mortgage.
Fear not, fellow self-employed warriors! While getting a mortgage might seem like wrangling a particularly stubborn alpaca, it's definitely doable. Here's your battle plan, packed with enough humor to keep you sane and enough info to impress your loan officer.
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| How To Get Mortgage Self Employed |
Step 1: Become the Paperwork Picasso
Lenders love a good story, but they also love cold, hard proof of your financial prowess. That means tax returns, my friends. Gather your past 2-3 years of tax returns like a squirrel hoarding nuts for winter. Bonus points for neat organization (think color-coding and happy little stapler themes).
QuickTip: Slow down if the pace feels too fast.
Pro Tip: If your business income fluctuates wildly, consider averaging the past few years to show a more stable picture.
Step 2: Befriend Your Bank Statements
These bad boys are your financial autobiography. Make sure they tell a story of responsible spending and a healthy balance. Avoid any questionable purchases like that life-sized inflatable T-Rex costume you might have bought on a whim.
Tip: Absorb, don’t just glance.
Side Note: Explaining the T-Rex to your loan officer is an option, but success is not guaranteed.
Step 3: Show Off Your Business Chops
Being self-employed is basically like being a superhero (minus the cape and tights, hopefully). So, toot your own horn a little! Put together a business plan that highlights your experience, skills, and future prospects.
Tip: Share this article if you find it helpful.
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Remember: Lenders want to see a stable and growing business, not a one-man band playing the bongos on a street corner (although, that could be a very catchy business plan…).
Step 4: Embrace the Art of the Hustle
Look, some lenders might be a little more hesitant with self-employed folks. Don't get discouraged! Shop around and compare rates. There are lenders out there who specialize in helping the self-employed conquer the mortgage mountain.
Tip: Keep the flow, don’t jump randomly.
Bonus Tip: Consider a larger down payment to sweeten the deal. It shows the lender you're serious and have some skin in the game (not literally, please keep your skin attached).
Step 5: Celebrate Like a Boss (Because You Are One)
So you got the mortgage! High fives all around! Now you can finally buy that house with the funky roof and the yard perfect for impromptu dance parties (because, let's face it, being your own boss means you can dance whenever you want).
Remember: Owning a home is a big responsibility, but with your self-employed hustle and this handy guide, you've got this! Now go forth and conquer your mortgage dreams!
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