Date Archives: July 29th, 2019

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July
29

Self-Employed Mortgage Process - Margaret Rudd & Associates

Being your own boss and building your own business is one of the most satisfying things you can ever achieve. When the long hours and hard work pay off, you are most likely going to want to invest the spoils of your labor into one of the many fabulous Southport homes for sale. While you're no doubt eager to start reviewing listings, the first thing you should take care of is securing mortgage pre-approval. For the self-employed, this critical approval is easier when you take the following steps.  

  1. Document Your Income
    It's crucial to document your income and establish that you have sufficient resources to make mortgage payments. To do this, you'll want to provide at least two years of tax returns. It's also a good idea to prepare a profit/loss statements since the lender may ask for this. Further, if you have been self-employed for a few years, you can use your income records and profit/loss statements to establish patterns in your business profile.

    Conversely, if you have been self-employed for less than two years, you can provide one year of W-2s if you worked in the same field as your current enterprise. You should note that when you do this, it's essential that you can show the same amount or greater income from your business when it's compared to the W-2. You should also prepare a quarterly statement for your asset accounts, including all bank accounts, CDs, IRAs, stocks, etc.

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