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Sunday, January 3, 2010

Getting a Mortgage Is Not Only For Contracted Workers

By Jason Myers

It's a depressing fact confronting our real estate market presently with the everyday updates of foreclosures occurring all around us. There is one group that is always weary of their fate when it comes to getting a mortgage and that is the self employed. These are the individuals that rely on themselves for their daily needs, and because the guarantee of getting the monthly payment is not always there, mortgage lenders are cautious about having faith in them.

However you needn't be anxious since the probability of you as your own boss is totally real. But there are some things that you must do ahead of time to ensure your chances of getting one. The primary and most evident factor is your reliability. Your credit rating has to be excellent above everything else. If you have any loans in progress, you have to guarantee that you make all the required payments also. This will give your mortgage lender a reason to trust you since you have shown your worth in the past.

Saving for your first house is suggested especially when you are self employed. You need to be able to make that initial down payment, 5% at the very least. But if you need to record even higher ratings, be in a position to clear 10% of the initial payment and that would be awesome.

Your lender needs to be informed that you are in the situation of paying all the required payments. That means that you need to have some type of proof of earnings.

If you work online where a check is not always given, you must rely on the proof of income sheet that is provided to you by the tax body, like the IRS for Americans. With these it's not really impossible to get a loan, and it earns you more points when you have been self employed a longer period. - 23208

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