Self Employed

With tax season upon us, here is something to think about:

Many people who are self employed tend to capitalize on annual expense write-offs with the intention of lowering their annual income. Whilst this can be very beneficial come tax season, from the view point of the lender, it can have the opposite effect when looking to get a mortgage.

The lowered net income is viewed as a greater risk. As a result, lenders may apply a slightly higher interest rate to those who are self-employed.

But the question is - Is it worth it??

✨Yes✨

And here’s why …

Often the savings you will incur on your tax write offs will outweigh that of your slightly higher mortgage interest rate. You may be surprised to learn that the difference in rate is not anywhere comparable to the savings you will see when writing off all of your annual business expenses.

✨There are even self-employed programs available that favour these types of earners. ✨

Securing self-employed income doesn’t need to be complicated. It’s my job to take a complex process and simplify it , proving options and putting a financial strategy in place.