When you’re looking for a mortgage, it’s easy to assume that your bank is the natural place to start. After all, they already have your accounts, know your financial history and may even offer you what looks like a competitive rate. But your bank isn’t your only option and, depending on your financial situation, it may not even be the lender best suited to your needs.
This can be especially important if you’re self-employed, have multiple sources of income or have a financial profile that doesn’t fit neatly into a traditional lending model.
Not every lender looks at your income the same way
One of the biggest advantages of working with a mortgage agent is gaining access to multiple lenders with different lending guidelines.
For instance, two lenders may look at the same self-employed borrower and reach very different conclusions. Why? Because lenders can have different approaches to evaluating business income, retained earnings, commissions, seasonal income and other forms of income verification. Some may be more flexible in how they assess your overall financial picture, while others may have stricter requirements.
The same applies to other circumstances that can make a mortgage application more complex. Your income, credit history, debt levels, down payment, property type or employment situation can all influence which lenders may be the best fit.
Rather than applying to one institution and hoping for the best, your mortgage agent can look at your complete financial picture and compare lending options that may be appropriate for your circumstances.
Getting a mortgage isn’t simply about finding the lowest rate. The right lender also needs to be comfortable with your financial situation and able to structure the mortgage in a way that makes sense for you.
Your mortgage agent will help you understand your options, compare lenders and identify potential solutions based on your individual circumstances.
Whether you’re self-employed, earn commission, have seasonal income or simply have a financial situation that doesn’t fit the traditional lending box, there may be more options available than you realize.
Have questions about finding the best lender to meet your mortgage needs? Answers to all your questions are a call or email away!
