Being self-employed doesn’t mean you can’t get a home loan, it just means preparation matters more.
What Lenders Look For
- Most lenders will need 2 years of financials; however some are happy with your latest year financials. We can help navigate this process so that you can find the most suitable lender for you
- Up to date tax liabilities help your position
- Are your business financials tracking in the right direction?
Common Challenges
- Fluctuating income
- Lots of deductions reducing taxable income
- Complex business structures
How to Improve Your Position
- Keep clean, up-to-date financials
- Reduce unnecessary deductions temporarily
- Separate personal and business finances
- Work with a good accountant
- Talk to a broker early to help you get a clear picture of your financial position
Lender Choice Matters
Some lenders are very self-employed friendly. Others… not so much. Thankfully, at Rhythm Finance Co we can help you navigate this path!
How We Help
- Interpret your financials
- Select the right lender
- Package your application properly
- Reduce back-and-forth with banks