PRIVATE MORTGAGE FOR SELF-EMPLOYEDadmin
Is getting Private Mortgage a good option for Self Employed?
Yes! Self-employed individuals make up a large share of the borrowers through private mortgages.
Most self-employed individuals aren’t able to apply for a traditional mortgage. The increase in the strictness of rules and regulations and the dreaded stress test, has caused the process of getting a mortgage to become even harder! Private mortgages come as a saving grace in this scenario.
Why Choose Private Mortgage for self Employed?
The lenders of private mortgages are ready to provide the funds needed without too much Enquiry of the borrower’s income! Private mortgages are easier to get than traditional ones. Self-employed individuals having other obstacles such as bruised credit or lower income can also avail a private mortgage.
The benefits of borrowing from a private mortgage lender for a self-employed are
- More risk tolerance
- More flexibility
- Higher eligibility
- Don’t have to pay higher taxes
Owning a home doesn’t have to be the dream of people who are employed only! Private mortgages enable the self-employed individuals to own a home without much hassle and provide better, more flexible terms to them. Self-employed individuals make up a large share of the borrowers of private mortgages.
Private Vs Traditional Mortgage
Being a self-employed individual, you might have to face a lot of obstacles in the process of getting a traditional mortgage. Some choose to wait till their credit score is better or they have saved enough to pay off their down payment. But in this current age and time, private mortgages are the best choice. Compared to traditional mortgages, private mortgages could provide you
with benefits which can help you save time and money while fulfilling your requirements and financial goals with ease and speed.
The private mortgage lenders have a higher risk tolerance than the traditional lenders from banks and other A-list lenders. Since they are not tied down by the rules and regulations of the government as much as the traditional lenders, they can endure more risk and hence form better options for the self-employed!
With the new rules and regulations introduced, the self-employed borrowers are required to pay more taxes if they want to pay lesser premiums on their mortgage. If they borrow from a private lender, however, they can save in both areas. This can help them achieve their dreams as well as keep their cash flow!
Most borrowers these days prefer to go with this option. Even if they qualify for a traditional mortgage, the speed and flexibility with the approvals and terms of the private mortgage are considered to be incredibly attractive. Mortgage brokers and agents such as My Milton Mortgages have access to a large number of private lenders and may even be able to get their clients better rates. They work for your interests and can help you get the plans you deserve regardless of the situation!