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Why Opt For Mortgages for Contractors

Date December 2, 2016 Author By Category Simple Mortgage

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. …

5 tips for the best contractor mortgage

Date June 2, 2016 Author By Category Landlord tips

Contractor mortgages are specifically for self-employed contractors with a 6 months experience, agency workers with 12 months experience, employed fixed/short term with any previous experience, contractors-employees for any umbrella companies and the zero hour’s contracts with 6+ months.

Most mortgages for contractors in the US are viewed of minefields reason being leaders have different views on what a contractor is. Your contractor still will be considered by any leader regarding your application and the specialist warning with user has access to all of them.

How do I know if I qualify?

There so many factors regarding when lenders consider any application. The most important arefinding the type of contractor you are.

Mortgages for self-employed contractors & Sub-Contractors- this are registered as self-employed with HRAM and pay their tax, declare income through self-assessment or have an accountant, and even pay their National Insurance contribution. Self-employed contractors may be sub-contracting for one or several companies. To qualify for this contractor mortgage, you must have 12 months’ work.
Mortgages for recently self-employed contractors- an employed worker has changed to theself-employed contractor in the same job role & industry, the same Hence, you are eligible for a contractor mortgage despite not having 12 months history.
Mortgages for Fixed/short term contractors- this is most likely to obtain finance but keep struggling to secure a standard mortgage on the street. The applicants are usually required to have not less than 6 months contracting.
Mortgages for contractors

Disadvantages of Reverse Mortgages

Date February 23, 2016 Author By Category Simple Mortgage

During this time of economic upheaval reverse mortgages have become an attractive option to the elderly home-owning population. Through which the homeowner will receive money from lenders for their home equity for as long as they are alive or is still living in their home.

The right class of reverse mortgages can help a struggling senior maintain his or her standard of living while retaining ownership over the mortgaged property. However the disadvantages may outweigh the benefits especially in cases where in the senior does not fully understand the intricacies of reverse mortgage agreements. Great care and caution must be taken before going into an agreement by educating yourself on how does a reverse mortgage work.

In the best case scenario, seniors will not be subjected to any more financial stress due to entering into reverse mortgage agreement and even help them by mitigating and staggering costs to a manageable level.

However there are some reverse mortgage companies and institutions that may take advantage of the differences between conventional vs reverse mortgages and being aware of reverse mortgages pros and cons can help to avoid these pitfalls.

One disadvantage is the relatively higher cost of reverse mortgages over conventional loans. The rising debt nature of reverse mortgages means that they almost always tend to be more expensive than a conventional mortgage.

For example, when accepting a $300 per month payment in a reverse mortgage with 12 percent yearly interest …

Contractor Mortgages – how long do you have to be a Contractor to get one?

Date January 25, 2016 Author By Category Simple Mortgage

Many questions are asked by contractors when it comes to mortgages for contractors. Contractors must work a certain amount of time to qualify for contractor mortgages. In instances like these, it is important to ask all of the questions that the contractors may have and to ensure that the issues are answered thoroughly and to where they can be understood completely. The last thing a contractor needs is to be lead to believe the wrong information.

How Long Before A Contractor Can Get A Contractor Mortgage?

Before mortgages for contractors can be obtained, the contractor must first be able to present three years worth of accounts before becoming eligible. If a contractor intends to apply for a mortgage, the contractor must have access to several years of accounts to do so. The contractor will need to show a slow rising income from contracting during the applicable timeframe. Other information that is required when applying for a contractor mortgage is a copy of the current contract, a bank statement, and a legal photo identification to secure the mortgage contract.

What If You Are A New Contractor?

Now do not think that because you have just begun a contract that you are less likely to qualify. Some contractor mortgage brokers can secure a mortgage for you even though you have just started contracting. Senior mortgage underwriters at the lender’s office make this possible for newly established contractors. If you are a …

Getting Relief through Contractor Mortgages

Date January 17, 2016 Author By Category Simple Mortgage

Mortgages for contractor are very important for any independent contractor looking to buy a home. It doesn’t matter whether you own a fully-fledged business, work part-time, casually or whenever you can get work, obtaining a mortgage is hard. You may earn a lot but unfortunately your credit doesn’t often reflect this since mortgage companies don’t class contracting work as steady. However, there are still ways for contractors to obtain a mortgage.

Why Companies Don’t Like To Take Chances on Contractors

Most mortgage lenders rarely know a lot about contracting work since it is varied and not something they see regularly. However, since they don’t know much about contracting, they think it is a bit of a risk to offer contractors a loan for a mortgage. This means you are more likely turned down from regular mortgage institutions but that is why more are now in need of a contractor mortgage broker. These are the people who will help those who cannot get a regular or standard mortgage.

New Mortgages for Contractors

Contractor mortgages are in fact one of the biggest and best options for most contractors. It isn’t just about being able to find a suitable mortgage but to also get the finances to become eligible for the mortgage also. Mortgages for contractor isn’t actually that difficult to get and if you are eligible for this then it may be the most suited option for everyone.

Who Will Be Eligible

Effective Role of Mortgage Broker Bond

Date January 17, 2016 Author By Category Simple Mortgage

A contractor mortgage broker is something thousands of people are searching for each and every day, yet, most don’t think about the role they play. It’s true, most potential home buyers don’t really know too much about mortgage brokers bond but it is a crucial for everyone. So, what is the role of a broker bond and how can it help you?

The Role of a Mortgage Broker Bond

Mortgage brokers must become licensed in order to practice however depending on the States in which they reside and work in, they also need bonds. Now bonds are really there to say the broker is licensed and able to trade. If the broker isn’t bonded then they cannot legally practice which means they do not have the right to work as a mortgage broker. That is why bonds play a crucial role for most brokers today because without it, you cannot become one. This is something you have to think about when searching for the best mortgage for contractor. A broker bond may not seem to be all that necessary but when it comes to buying a new home, it certainly will be.visit their official website at http://www.mortgages4.contractors/ for more details.

Safety

The great thing about a mortgage broker bond is that buyers are almost fully protected. You have a degree of safety almost simply because you have the ability to sue the broker for failing to carry out their part …

3 Simple Mortgage Tips for Contractors

Date January 17, 2016 Author By Category Simple Mortgage

Most types of mortgages are difficult to obtain at the best of times but when it comes to mortgages for contractor, it can be a lot tougher. However, it can be much less complicated when you know how to approach mortgages and who is best to turn to. The following are just three simple mortgage tips you may benefit from especially if you are a contractor.

Contact a Contractor Mortgage Broker

Unfortunately most standard mortgage lenders and bank don’t really know much about freelancers and those who are considered self-employed. Contracting work is sometimes complicated and it does mean most contractors have less help available to them. However, if you are a contractor it may be wise to look for a specialist in this field so that you can get the very best advice. They can easily find mortgages for contractor and freelancers making it simple for everyone involved.

Try To Have a Deposit Saved Up

No matter who you are or how much you earn, obtaining a mortgage – 100% – is never a good idea. You may be a contractor but even if you weren’t, it is a good idea to have a deposit saved up. Now, the down payment or deposit for a home can range from anything from five percent to almost thirty percent, depending on the exact home.you can find available information at http://www.nola.com/realestatetransfers/index.ssf/2016/01/new_orleans_real_estate_transf_243.html

This could potentially mean thousands and most mortgage lenders don’t like …