Jay White

Home Loan Advice for the Self-Employed

BY JAY WHITE

With all the changes that were thrown our way the last year, thanks to COVID-19 and margin calls being made to mortgage companies, many investors got spooked and pulled in the reins, making financing difficult for some, especially business owners. However, these pullbacks are no longer in place with certain lenders. I have seen way too many business owners not given the opportunity to take advantage of this market, but not anymore.

Self-employed clients looking to buy a home, and selfemployed homeowners looking to refinance, have options, no matter what you are being told. I believe that a business owner should be one of the top three types of clients for mortgage brokers.

Business owners typically have great credit and plenty of assets, but the challenge becomes showing how much income they earn, for loan purposes only. This is when it’s an advantage to work with a lender that is experienced and has a track record of getting things done. There are many ways to extract income from a business owner’s tax returns, so don’t think the bottom line is what is looked at; that’s not the case. You can buy, you can refinance, and you do not need, necessarily, to have been in business for two years.

If you are looking to buy or refinance, and you own a business, please reach out to a reliable mortgage broker, and they will be happy to guide you through the weeds and get you on the right track to buy or refinance.

Jay White, top 1% in the nation in mortgage originators according to Mortgage Executive magazine, has 19 years of experience and is a multimillion dollar producer for Bay Equity Home Loans.