Having a flexible and balanced work-life schedule is everyone’s dream. These days the luxury of working from home, spending quality time with your family and simply taking control of your precious time is a valuable benefit that many people would want to achieve.
Admit it, to be your own boss and not to rush every morning to go to work is a special privilege, right? However, despite having these special benefits, there are also downsides for being self-employed. From filing your own taxes, making sure that your records are complete and securing your own home loans, one can only wonder if this is the right choice?
Many self-employed individuals are having difficulties in acquiring their home loans. Whatever your situation is, we are here to assist you to find the right home loan and get it approved.
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Sit down and talk to your broker
One of the first things that we generally ask our clients is to talk to your broker. List down all your concerns with your finances because from there they will find a workable way to help boost your chances of having your loan approved.
Make sure that your tax records are secured
Since you are self-employed, it is definitely a requirement for any lender that you provide paperwork and one important document is your tax return records. Your lender will need to check this as this will provide them the guarantee that your income is consistent and you can definitely pay for your loans.
Establish a good savings habit
Most lenders need to understand your financial capability that’s why they need to be assured that you can handle your finances well. In providing your lender with bank statements, this will show your financial history especially on how you handle your money. Once the lender sees that you have been managing your finances well, then it will provide you a higher chance of getting that loan be approved.
Plan your finances
Since you are self-employed, there are times that cash flows vary. To make sure that you can religiously make that monthly payments, have your home loan structured in a way that it can provide you maximum flexibility so you can make the necessary adjustments if any unforeseen events happen.
Whether self employed or not, everybody is entitled to apply for a home loan. To know more about self-employed loans, talk to us. We’ll be happy to listen and help facilitate your needs.