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Massachusetts mortgage companies in MA | Drew Mortgage

Mortgage approval is often a concern for Self-employed people. Banks/mortgage lenders remain extra careful when approving loans for entrepreneurs/self-employed applicants. For them, it is almost a risk investment. In this presentation, Drew Mortgage, one of the leading Massachusetts mortgage companies, has given a few mortgage tips that self-employed people can use while seeking mortgage options.

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Massachusetts mortgage companies in MA | Drew Mortgage

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  1. Introduction Being Self-employed gives you the freedom to work on your own terms. You don’t have to worry about working hours, completing tasks within deadlines, reporting to your boss, and more. However, every coin has two sides. Since most of the entrepreneurs always face fluctuations in their finances, getting a mortgage becomes difficult. Banks, financial institutions often think twice before approving mortgages for such self-employed candidates. In this presentation, we have shared a few tips that can ease the home mortgage approval process for self-employed people. Let’s check out.

  2. Check your Income • Check your financial status before applying. • You will require the following income-related documents. • Personal Income Tax Returns for recent years. • Business Income Tax Returns (For cooperation & partnership businesses). • Business Licenses of CPA Statement (mandatory to prove at least 2 financial years of entrepreneurship). • Income Evaluation done by lenders often becomes the mortgage approval/denial parameter.

  3. Improve Credit Score • A credit score is very important for Self-employed mortgage seekers. • It is a score of trust & reliability. • A good credit score can ease your mortgage approval process. • Loan defaulters are less trusted by the lenders. • Maintain a good credit score before applying for a mortgage. • Clear all the outstanding amounts, debts as soon as possible.

  4. Be ready for a big down payment • Self-employed people generally pay higher down payment than others. • More the down payment, the less is the financial risk for the lenders. • Banks/Mortgage lenders give less percentage of the loan and ask to pay more amount as the down payment. • You may need to pay around 15-20% of the amount as the down payment. • So, keep your estimated down payment amount ready.

  5. Keep your documents ready • Documents are an inevitable part of mortgage processing. • Lenders ask for many proofs before approving the mortgage. • Majorly required documents include: • Notice of Assessments ( related to Income Tax Return) • CRA Statement of Account • Business-related registration papers • Complete details of your business/personal assets.

  6. Hire a good Mortgage Consultant • Mortgage approval is a time-consuming and documents filled process. • Dealing with the paperwork can be a very strenuous job when you know less about the field. • A single mistake can ruin your efforts and may end up with mortgage rejection. • This is why you must hire a good Mortgage Consultant. • Team up with Massachusetts mortgage companies or nearby consultants. • They will help you to crack the best mortgage deal

  7. Conclusion • Mortgage loan approval for a Self-employed applicant is a task. • However, when you have the right mortgage consultant or guidance, the process becomes easier. • Keep your personal and business-related documents ready to fasten the mortgage approval. • Arrange the approximate down payment amount in advance. • Consult Drew Mortgage for comparatively quick home mortgage options.

  8. DREW MORTGAGE BRANCH OFFICES: Drew Mortgage Associates 196 Boston Turnpike Road, Shrewsbury, MA 01545 Phone: (508) 753-1656 Peabody Mortgage Lenders Boston Mortgage Lenders 1 Mt Pleasant Drive Peabody, MA 01960 232 Commercial St.Boston, MA 02109 Phone : (978) 750-1080 Phone : (617) 523-3060

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