Uber Income: Can You Purchase a Home as a Freelance Contractor?
The new workforce consists of more contractors, freelancers, and small business owners. In the past, this group was shut out of the housing market unless they could provide a sizeable down payment. Several years of financial documents proving income was another requirement. If you live on Uber income, you can become a homeowner. You’re simply going to apply for a non-traditional home loan such as the low documentation mortgage.
Here are three things to consider if you are a freelancer who wants to purchase property.
Technology is Your Friend
As a freelancer for Uber, or other modern gig, you already know that technology provides a brave new world for people. Technology in the lending sector has led to improved efficiency. More applicants can become homeowners because each application receives the attention it deserves at an improved pace. Based on assessment standards, lenders like us can balance risk and reward. We have other means to assess your financial situation in addition to the application and proof of income.
A freelancer’s income varies. There are days when you hit a home run. There are also days when you strike out. This spills over into weeks, months, and years. Since your income fluctuates, you used to be a loan risk. Today, you may qualify for a home loan. The trade-off is a higher interest rate. Your mortgage might be more expensive up-front, but there are additional tools that help offset the extra charges once you’ve established a record of positive monthly repayments.
Being a homeowner requires fiscal responsibility. We help you achieve that by balancing the amount you would like to borrow and the amount we believe you can handle according to our lending standards. Keep in mind that our loan terms tend to be among the most favourable.
Uber Income Conclusion
The self-employed workforce is growing. Among those are individuals who live off their Uber income. Today, you can become a homeowner as a freelancer. For more information, contact our Mortgage House lending representatives. When you need to upgrade your vehicle, we can help you find the best car loan for your financial situation,