Here at Donna Mullen & Associates, we want to help people buy homes, but we also understand that this poses more of a challenge for some people than for others. For instance, if you are self-employed, the process of applying for and securing a mortgage is likely to be more complicated than it would be for someone with a traditional job. However, we find that there is a lot of misinformation about the topic of self-employed mortgages, and we want to do our best to correct it. In this article, we’ll debunk some common self-employed mortgage myths so that you can make informed decisions about your financial future.
- MYTH: You can’t refinance a self-employed mortgage. One misconception that people have about self-employed mortgages is that they can’t be used to refinance. The truth is that these mortgages can be used just like any other mortgage product, whether to refinance or even to cash in a portion of your home equity.
- MYTH: They’re only available for small loans. Another myth about self-employed mortgages is that they only offer very small loans. In reality, these mortgages can be offered for a wide range of sums, including very large ones.
- MYTH: They’re hard to get. A third myth we hear about self-employed mortgages is that they are extremely difficult to come by, which is simply not true. The paperwork and logistics involved may be slightly different to traditional mortgages, but our team can help you find a mortgage that suits your needs just as easily as we can help any other client.