I sat thru a terrific Mortgage Seminar today. Things that were discussed were how it is not impossible to get a mortgage when self-employed. The seminar leader discussed that so often Self-Employed people feel like they cannot get a mortgage in fact the opposite is true. He has several lenders who specialize in self-employed people.
Another great thing that came out of the seminar is that they currently have available a 10 year rate for 3.89% while that may be a little high currently if you are cautious and worried where you will be in 5 years with your mortgage this is a great mortgage for you. It is also "Portable" which means if you move in a few years and "Buy Up" or "Buy Down" you can blend that rate and the worst case scenario if you break the mortgage is a 3 month penalty. This mortgage only qualifies for a personal residence though not income properties.
The host also talked about how important a TRUE Pre-Approval" is. A true pre-approval is when a credit bureau has been pulled and checked and the approval is made based on all the facts not just on a persons debt ratio. These pre-approvals are also good for up to 120 days.
If you are thinking you want to buy a home let us help put you in touch with a Mortgage Specialist who will look out for your best interests and then we will help find you the perfect home!
Posted by John-Matthew Hogan
on April 12, 2012