A contractor mortgage uses your gross contract rate to determine how much you can borrow for a mortgage, not your accounts or payslips. This method is called contract-based underwriting, and enables contractors to borrow much more than they would using more traditional underwriting methods available on the High Street. If you've approached a lender direct or conventional mortgage firm, you'll know how complicated advisors make it for contractors to get competitive mortgages. Untrained advisors a...
Key Takeaways: Open-end mortgages allow you to borrow more than the purchase price of a home and borrow the unused funds later to pay for home improvements. You’ll need strong credit, a low DTI ratio and a significant down payment to get an open-end mortgage. The pros of open-end mortgages include the ability to borrow for home improvements without getting a second loan or refinancing. In contrast, the cons include higher interest rates and a limited draw period.
Quick Look at Best Online Mortgage Lenders: ; Best Pre-Approval Process: Rocket Mortgage (formerly Quicken Loans) ; Best for Conventional Loans: New American Funding ; Best for Nonconforming Mortgage Loans: Angel Oak Mortgage Solutions
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A qualified builder is usually defined as a licensed general contractor with an established home-building reputation. If you intend to either act as your own general contractor or build the...
Getting your foot up onto that first rung of the property ladder can seem a huge step. Trying to organise a competitive mortgage and all it entails on top of your current schedule is daunting. If you're trying to run a successful contracting business too, it becomes a mighty task. Buying a home is a monumental commitment. If you've never bought a property before, it's easy to underestimate the work involved. Like all successful projects, you need to plan first. We can walk you through the mortgage process that's tailored specifically for contra ...
Your own personal advisor ; Access to the whole market ; Superfast offers ; Mortgage Monitor service ; Help for first-time buyers ; Remortgage deals
Best for Simple Applications: Rocket Mortgage (formerly Quicken Loans) ; Minimum down payment: 3%-5% ; Loan types offered: Conventional, FHA, VA and Jumbo loans
Quick Look: Best Mortgage Lenders for Self-Employed ; Best for Competitive Rates: Angel Oak Mortgage Solutions ; Best for Bank Statement Home Loans: North American Savings Bank ; Best for Flexible Requirements: CrossCountry Mortgage
In this article ; Video: self-employed mortgages · Getting a mortgage when you're self-employed: the basics · How to find a mortgage lender · How self-employed applicants are assessed · Applying for a mortgage as a contractor · How to improve your chances of being accepted