Perhaps it’s time for your family to think
about moving from a rental into a home that you own. But if you’re a freelancer
or contractor, you might be concerned that a mortgage is out of your reach.
While freelancers can face stricter requirements when applying for a mortgage,
it’s entirely possible to qualify for a home loan, and working with the real
estate agents at Perras Group will make your search easier.
These resources will walk you through everything from revising your household
budget to organizing your tax documents.
Mortgage
Requirements for Freelancers
How can you show lenders that you’re a good
candidate for a mortgage without traditional paychecks? These resources will
show you what to do.
●
If you haven’t already, secure your small business license. This will
help show lenders that you have a profitable company.
●
Lenders will need to see your
invoices and receipts, so establish an organized filing system for all of your relevant
documents.
●
To make yourself a more attractive
candidate for approval, focus on increasing your income and landing lucrative
contracts.
●
Want to prove that your business
is sustainable? Encourage clients to sign retainer contracts
so that you’ll have steady future income.
Other
Considerations
You’ll also need to spend some time focusing
on your family’s personal finances before applying for a mortgage.
●
Talk to your spouse about
implementing a few strategies that will help you both increase
your credit scores.
●
Adjust your household budget so
that you can save more
money for a down payment.
●
To free up more money in your
family’s budget after buying your home, compare lenders to get a reasonable interest
rate.
Start
House Hunting
Are you excited to look for your family’s new
home? Reference these resources before getting started.
●
Be realistic about the home price you can afford. You can play it
safe by sticking to a somewhat lower price point than what you’ve been approved
for.
●
Work with a real estate agent who has helped
clients find comfortable family homes in your area — it’s a bonus if they've
represented freelancers before!
●
Learn how to put together an offer that can easily persuade
a home seller to accept.
If you’re a freelancer or contractor, you may
be nervous about applying for a mortgage. But with these tips, you’ll be able
to get approved for a loan that allows you to finance the right home for your
family. There’s nothing stopping freelancers from buying their dream homes!
Do you need a great real estate agent to
represent you during your home search? The Perras Group can help you find the right house for your family! Call
617-645-9795 to begin.
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