Tools & Resources
August Feature File
This month’s feature file falls into the self-employment category. A builder that I have worked with on some tricky files called me from their showhome with a buyer. This buyer had a few considerations that needed to be addressed on her file: She had gone...
Which Client Are You?
If there is one thing that makes life beautiful (and sometimes challenging), it’s that we’re all different. Our experiences, lifestyles, and dreams are extremely diverse. That’s why it’s important that I understand who you are before we begin the mortgage process.
The Self-Employed Client
As a self-employed individual, you’ve worked hard to build a life around your passion. It’s my job (and my goal) to help you turn that hard work into another step toward your dreams.
If you’re self-employed, chances are good that you’ve already been to your bank and they said no to a mortgage. That’s it; no direction other than “come back in two years.”
If that’s the case, I’ve helped many people just like you. Self-employed clients can be tricky files to work on, but there is a solution for almost every situation I have seen.
If you’re self-employed, we have a couple of options; we can either “state” your income or prove your income. Proving your income is easy enough to do if you’ve (a) been self-employed for 2 years or more, (b) filed your taxes and are up to date on your filings, and (c) declared enough income that you can show the lender that you can qualify for your mortgage transaction.
Stating income has gotten increasingly difficult in recent years, but it is a program that is still available. With stated income, you need to have been self -employed for a minimum of two years, along with other items the lender will look for, such as:
- Do you have a website?
- How do you source your business?
- How many employees do you have?
These will be considered alongside several other factors.
If your file doesn’t quite fit with a traditional lender, that’s okay, because we have several other options that we can review!
The First-Time Home Buyer
Buying your first house can be scary, exciting, confusing, and rewarding. On top of all the emotions running through your head, there’s a lot to know.
If you’re 25+ years old, living at home or renting for the last few years, and you’ve decided that enough is enough and it’s time for your own backyard, you might not know where to start.
The age of information and communication is great for the consumer, but it is also extremely overwhelming. As a first-time home buyer, it only makes sense that you will go to those that you love and trust – your parents! And why wouldn’t you? That being said, the mortgage market is an environment that constantly changes (literally from month to month). What was acceptable six months ago may not be acceptable today, which means you need more up to date information to rely on.
I absolutely LOVE working with first-time home buyers, but… do you know what I love more than working with first-time home buyers? When you bring your parents along for the Master Your Mortgage education session. This gives you and your parents some comfort and security as we start the process. Plus, you’ll be on the same page when it comes to discussing the details of your mortgages (which makes family dinners far more enjoyable!)
The Client Who Experienced a Life Event
Many of these life events will happen to you or around you in your lifetime. While all of these events have a significant emotional impact, they’re also likely to have a financial impact.
Some people are hesitant about sharing their feelings and finances during these times, and that’s perfectly understandable. Whatever your situation is, know that my role as your mortgage broker is to listen with an empathetic and compassionate ear and provide you with solutions and options. You won’t find any judgement here – only guidance.