Mortgage Broker for Self Employed Freelancers
The Penticton BC labor force is an enterprising bunch. Recent data shows that over 13 percent of Penticton’s “people power” identifies as self-employed. And while the events of the past year hit many entrepreneurs quite hard, it has also created growth in the category. A number of individuals who lost their job were forced to find income on their own, and in many cases it created an opportunity to become more self sufficient as a freelancer. Others who maintained their jobs switched to a remote working environment, yet also found that they could spread their wings and do it on their own. At the same time, some businesses that have maintained a remote workforce through COVID have given staff the option to keep working from home as contractors. All in all, a greater number of professionals will come out of 2021 as self employed contractors and enter 2022 (and beyond) with their destiny in their own hands.
But for all of the benefits of being self employed, there is one concern that many have – getting a mortgage. People assume that because they don’t have a consistent wage/salary with a corporate watermark on it, that lenders will consider them to be high-risk. It’s true that getting a home loan as a contractor may be a challenge when dealing with some single-minded institutions. However, when you work with a mortgage broker your options grow exponentially. Here’s what you need to know.