Today contractors and freelancers have a lot more options when it comes to getting mortgages for a contractor, whether for personal use or their business. In the past mortgages were not only quite difficult for contractors and freelance to obtain, but also very expensive.
This was usually due to the fact that they are unable to prove their exact earnings or to guarantee that they will continue receiving exactly that in the future.
Freelancer and Looking To Buy a Home
Financial institutions and contractor mortgage broker would still offer contractor mortgages, but they would have to pay higher interest rates, expensive fees, and inadequate terms. It was a severe case of discrimination against contract workers and freelancers. However, times have changed, and there are plenty of financial institutions and mortgage brokers that offer individual contractor mortgages which are specifically catered to people working for themselves and generating their own income.
They now have an advantage and change, unlike in the past, to be treated as equals and to get a mortgage to better and improve their business or even purchase personal property. There are also Contractor Mortgages available for other means as well, such as for renovation of the home, upgrades of the business, and even for personal use such as education or family necessities.
Mortgages for Contractors
It is important that everyone has an opportunity to receive equal treatment when it comes to mortgages, even contractors, and freelancers. …Read More