Salt Lake City, Utah based Mortgage Broker Ray Bonham reveals mortgage secrets at a new web site that is full of free reports, a home buying guide and free mortgage calculators. The site is designed to give the self-employed and other Utah residents all the facts so they can make an educated decision when obtaining a mortgage.
Salt Lake City, UT -- (ReleaseWire) -- 02/25/2009 -- Easy Ways for Self-Employed Salt Lake City, Utah Residents to Get the Best Mortgage
There’s no denying that there are tons of benefits that go along with being self-employed. But along with the freedom of being your own boss, most Salt Lake City residents probably thought one of the things they wouldn’t have much choice about is their mortgage. After all, mortgage lenders are traditionally hard on self-employed borrowers, right? Not necessarily.
In fact, says Ray Bonham, a Loan Officer with Citizens First Financial Corporation, it might actually be easier to get a mortgage when you’re self-employed. If you know where to look, that is.
“What most people don’t know is that many lenders are eager to work with self-employed borrowers,” “And because of the unique loans they offer that are designed specifically for entrepreneurs, you might actually wind up going through less hassle during the process than your neighbor, who depends on the good graces of a boss for his livelihood.”
Here are some quick pointers on shopping for a loan when you’re self-employed:
*Look for lenders that will let you verify your income in ways that don’t require tax returns or pay stubs. Bank statements, for example, can be much better indicators of cash flow.
*Explore no-doc loans. No-doc means what it sounds like – you don’t have to provide all of the supporting documentation most borrowers do. You simply tell the lender what your income is. You’ll usually need good credit scores or a larger down payment for this type of loan.
*Get your accountant to sign off on a profit-loss statement. Some lenders can use these as “verification” of your income from self-employment. This should be a simple thing to put together, especially if you have an accountant prepare your taxes every year.
*Ask the experts. Entrepreneurs don’t have the time to shop around for lenders who offer these kinds of loans. So do what you would do in your business. Ask an expert. Mortgage brokers have access to dozens of lenders and mortgage products many people don’t even know exist. They can streamline the process and make it easy to get the home you want, at a price you can afford.
Salt Lake City, Utah - based mortgage expert Ray Bonham specializes in providing information to Utah residents that allows them to make informed decisions about their mortgage financing options and learn the insider secrets that can save them thousands of dollars over the life of their loan.
Ray Bonham is available for interviews and will welcome all your mortgage related questions.
Call 801-205-2445 for a Free No-Obligation Consultation or visit