Local Records Office– The advantages of self-employment may be plentiful–the ability to do something you’re truly passionate about, the feeling of freedom that comes from not having to answer to a boss, but those who have actually taken the plunge into self-employment know that those benefits don’t come without hassles says, Local Records Office. Particularly while a business is in its infancy, the self-employed often have to cope with added responsibilities, long hours, and even personal obstacles like trying purchasing a home. Fortunately, the low mortgage interest rates make this the best time to buy if you’re self-employed.
A Low Fixed-Rate Mortgage Provides Security Down The Road
Local records Office says, “One of the difficult realities of self-employment is that entrepreneurs’ incomes do tend, on average, to be more erratic than those of salaried employees”. Though your earnings may look rock solid for the time being, the self-employed are the first ones to feel tremors in the national and world economy, which is why it makes sense to lock in a low fixed-rate mortgage on your home for a reasonable term, say seven to ten years, to act as a proverbial shock absorber should you encounter bumps in the road.
Lenders Look At The Total Cost Of Your Loan
Lenders, of course, are aware of the sometimes-unpredictable nature of self-employed individual incomes, which is another reason why a low-interest rate environment is the ideal time for these folks to buy a home says, Local Records Office. Though self-employed mortgage applicants are always going to be subject to more scrutiny from potential lenders than applicants drawing a salary, your chance of approval right now is greater than in a higher-interest environment because the total cost of a mortgage at these low rates is ultimately far lower. Since the main question a lender wants answered when deciding whether to approve a mortgage application is essentially “Is it likely that this applicant will be able to pay this mortgage off?” it’s easier for them to say yes to a low-interest rate mortgage than to a costlier one.
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Interest Rates Will Rise, Which Is Why NOW Is The Best Time To Buy If You’re Self-Employed
Unfortunately, these low rates don’t change the greater proof-of-income requirements and other forms of financial documentation to which self-employed mortgage applicants are subject, which can be burdensome says, Local Records Office. However, those requirements are apt to get even more severe as interest rates rise, which could occur any day based on the current events. That is why if you’re considering purchasing a home, now really is the best time to buy if you’re self-employed.
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