The New Contractor Mortgages Especially For You

Finding a secure standard mortgage these days is almost impossible if you are a contractor. This is because there are many lenders feel that somebody who is "self employed" are in the high risk category when it comes to lending. Many banks require at least three years of solid accounts before they will consider you, and even then you might be faced with higher interest rates than normal.

It is easy to find yourself unfairly thrown in the "reject" pile by the financial institutions and lenders once they discover that your employment is not permanent. This is when you receive the disappointing call or letter stating that your status is not meeting their criteria, therefore your application was rejected. You find that the longer that it takes to secure a mortgage the more you are missing out on great deals and that dream home you had your eye on. Sellers do not tend to sit and wait around for you to secure the mortgage, the next buyer that comes will take it right from under your nose.

However, there is an answer to your troubles, the contractor mortgages that are especially created for contractors and freelancers. Today certain mortgage brokers are able to offer a mortgage that is especially made to service you and other freelancers. There are professionals that specialise in mortgages for contractors and offer high expertise and cooperation for financial institutions allowing for you to not only get an approval on your next application, but also the best deal possible. Mortgages specially made for contractors and freelancers today are at level with standard mortgages, no extra fees and the interest rates are the same as everyone else.

So if you are freelancing and worried that you wont be able to secure a loan in time, or at all, consider a mortgage for contractors. There are plenty of options available out there to ensure that you get the home of your dreams and do not just watch as the SOLD sign comes up on the front lawn as your dream slips away. House prices have been falling recently, so to pick up the bargain dream home you have always wanted, consider the many options of contractor mortgages.