2nd-Mortgage

Traditional mortgage loans may be out of reach for many people who will not qualify because of their employment situation. While the typical 40 hour work week, fixed paycheck job where you get paid twice each month is still widely available, there are a growing number of jobs that rely heavily on commissions or bonuses as part of the pay structure. Additionally, for people that own their own business or professionals who earn their income from freelance projects, a traditional mortgage can be difficult to qualify for.

If you are interested in applying for a self certified mortgage, then your lender will need to gleam as much financial information from you as possible. The more information that you are able to provide the more likely that you are to obtain a good deal and mortgage rate.

Self certified mortgage means that you self certify that you can make payments on your mortgage and because of this, there is often a higher rate applied as you are seen as a larger risk to lenders than someone who can substantiate their income.

If you have concerns about relying on a certain level of projected income, and then falling short, discuss it with your lender. Too many people attempting to secure self certified mortgage mistakenly believe they must bluff their lender by misstating the facts, and this is not true. In fact, the lender is your ally. They want to lend you money because in the end that is how they make their money. They simply do not want to foreclose on you. If there is a reason for concern, they want to know. They have more experience with loans than you do, so discuss your concerns with them and take their feedback into consideration.