Business

5 Tips for Obtaining a Mortgage if You’re Self-Employed

Published

1 year ago

December 20, 2022

Being self-employed can be a great way to make a living, but it also has its own unique set of challenges. One of the biggest is obtaining a mortgage. Many lenders are wary of self-employed borrowers because they don’t have the same income stability and proof of income as those with regular 9-to-5 jobs. However, that doesn’t mean taking out a mortgage is impossible if you’re self-employed. You can do some things to improve your chances of getting a mortgage, including using non-traditional lending. Here are five tips to help you on your journey and some alternative credit examples.

Know Your Credit Score

One of the first things to do when applying for a mortgage is to understand your credit score. Lenders will look at this number to determine how likely you are to pay back your loan in full and on time. A good credit score (typically anything above 600) will give you an edge when applying for a home loan, so make sure you know where you stand before diving into the application process. You can check your credit score online for free or purchase one from one of the major credit reporting bureaus like TransUnion or Equifax.

Gather Your Paperwork

Before applying for a loan, ensure that all of your paperwork is in order and easy to access. This includes everything from tax returns and bank statements to business licenses and profit and loss statements. Having these documents ready will speed up the application process significantly. Lenders won’t have to wait around while you scramble to find them.

Prove Your Income Stability

Since lenders need assurance that they’ll be paid back in full, having proof of income stability is key when applying for a mortgage if you’re self-employed. Most creditors will require two years’ worth of tax returns along with any other paperwork that proves your ability to pay back money owed (such as business licenses).

Try to provide evidence that shows your income has been steadily increasing over time. This helps demonstrate financial responsibility, which can significantly boost your approval chances.

Show Proof Of Assets And Liabilities

In addition to proving income stability, lenders may also want proof that you have enough assets available should something happen, and payments need to be made late or missed altogether. This could include savings accounts, investment portfolios, etc. Also, showing them any liabilities such as loans or other debts owed could show them that while these obligations exist, they aren’t too large, where they would interfere with making payments on any new mortgages taken out.

Look Into Non-Traditional Lenders

Suppose traditional lenders such as banks are not approving your loan applications due to a lack of income verification or low credit scores. In that case, consider looking into alternative lenders, such as online lenders or private investors, who offer different types of loans with more flexible requirements than traditional banks do. These types of lenders often have fewer restrictions when it comes to approving applicants who cannot provide two years’ worth of tax returns or have lower credit scores than what banks typically prefer. While these alternative credit examples can come with higher interest rates than those offered by traditional lenders, they could still be beneficial in helping you obtain financing if other options are not available.

Conclusion

Getting approved for a mortgage if you’re self-employed can be difficult but not impossible. By following these tips, you’ll be well on your way toward achieving homeownership quickly and securely. Success when applying for a mortgage as someone who is their own boss won’t be too far behind.

Business

EFX Algo’s April Ascendancy: Commanding $37.63 Million in Deposits with Profits Soaring to $3.27 Million

Published

3 days ago

April 30, 2024

Matthew Wiles

As of April 11, 2024, EFX Algo stands out as a formidable force in the automated trading industry, showcasing extraordinary growth with a record-breaking $39 million in deposits across over 520 accounts. This month alone, EFX Algo realized gains of $321.24k, contributing to an impressive yearly profit of $2.75 million, cumulating a total profit of $3.5 million.

This financial technology powerhouse, co-founded by industry leaders Danny Reardon, Bogdan Padua, and Joe Amara, revolutionized the investment landscape by merging advanced technology with deep market insight to deliver a truly automated, hands-free trading experience.

EFX Algo is marking a significant footprint in the financial technology landscape. This article delves into the remarkable achievements of EFX Algo, spotlighting its rapid growth and the exceptional monthly gains that captivate investors globally.

A Financial Phenomenon

EFX Algo began as an idea between co-founders with a shared ambition to democratize the trading market. Today, it stands as a juggernaut in automated trading, having processed over $39 million in deposits across hundreds of accounts. As of recent evaluations, EFX Algo manages these substantial funds and delivers impressive gains, with reports showing an upward trajectory of $1.43 million in profits in just one month.

“We created a platform that exhibits robust performance and reliability time and again,” Reardon said. “I think I speak for all of us at EFX Algo when I say we are proud to show our numbers, because they reflect our aims: Democratized trading profits for all.”

Innovative Trading Strategies and Performance Metrics

At the heart of EFX Algo’s success are its innovative trading strategies, designed to cater to various investor profiles from conservative to aggressive. The platform’s ability to yield consistent returns is evidenced by its performance metrics, boasting gains that significantly outperform traditional investment benchmarks.

“We employ a diversified approach, meticulously back-tested and refined, to ensure stability and growth amidst the volatile financial markets,” said Reardon.

Unparalleled Support and Client Success Stories

Beyond its financial accomplishments, EFX Algo shines in customer support and satisfaction. The platform has been likened to having a personal assistant, akin to ‘Alfred from Batman,’ always ready to assist and enhance the investment journey.

Testimonials abound of users experiencing substantial portfolio growth, with one investor highlighting a 20.5% increase in just four months.

“We care about empowering investors with the tools and support necessary for success,” Reardon shared.

A Transparent and Trustworthy Trading Partner

Transparency and trust form the cornerstone of EFX Algo’s philosophy. Through real-time data verification with Myfxbook, clients and would-be clients alike can independently assess the platform’s performance, ensuring that their investment decisions are based on genuine and untampered data.

“We believe our openness cements our reputation as a reliable partner in the automated trading industry,” Reardon said. “We are building a community of informed and enabled investors.”

A Visionary Leap into the Future of Trading

EFX Algo is a vision realized, transforming the space of automated trading and setting new benchmarks in financial technology innovation. As it continues to grow and expand its horizons, EFX Algo proves to be a gateway to financial equipment and independence. With its impressive growth, consistent performance, and dedication to client success, EFX Algo stands as a paragon of investment excellence, reshaping the future of trading one transaction at a time.

About EFX Algo

Founded by Danny Reardon, Bogdan Padua, and Joe Amara, EFX Algo is an innovative, fully-automated trading bot designed to provide 100% hands-free, high-return investment opportunities by transforming yearly gains into monthly profits, previously exclusive to an educational network and now available to the general public. The software is designed to manage investments and execute trades in the financial markets without the need for manual intervention. For more information, please visit: https://www.efxalgo.com