Self employed borrowers get instant mortgage preapproval advice
Achieving instant preapproval involves a few essential steps:
- Gather Your Financial Documents: Prepare your last two years of tax returns, recent bank statements, and a profit and loss statement. Lenders will use these to assess your financial health and income stability.
- Check Your Credit Score: A strong credit score can significantly impact your mortgage terms. If necessary, take steps to improve your score before applying.
- Consult a Mortgage Broker: A broker experienced with self-employed borrowers can guide you through the process and help you find lenders that offer competitive rates.
- Use Online Tools: Many lenders offer online preapproval applications. By entering your financial information, you can quickly see what you qualify for and compare different mortgage options.