Freelance + Mortgages
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- MSTRPLN
Currently looking to purchase a house but at the moment am freelancing full-time. Not sure how much the bank will approve us for given this situation. My wife if currently working full time as well so there is stability in that.
Is it realistic to have a mortgage and be freelancing full time? or will I have to return to the agency life once again?
- brandelec0
100% realistic. Bank just needs to know your annual income and may require proof. Talk to your advisor.
- e-pill0
your work rocks, so yes do it, you will always have clients ready to pay for your creativity.. best of luck!
- liveforever0
yes but its getting the mortgage you may have the trouble with (in UK anyway) you have to have 3years worth of records to prove your freelance has provided you with a sustainable income.
- stoplying0
It also helps if you have some sizable amounts in your bank account(s).
- ntimm0
In montreal I went with ING for the mortgage. They wanted to know
my annual salary of the two previous year, and everything was golden afterwards. Didn't even need to pimp my gf or anything like that.
- fyoucher10
If you've been freelancing for more than a few years you should be fine to actually get one from the bank. You'll need to provide proof of income from the past few years like tax return info (I think at least two) and also references (which I thought was odd). (That's in the US though and with the company I have a mortgage through, USAA. Other banks may be different)
However, before you do it, if you don't have at least 4 steady clients who continually come to you with work then I'd recommend having like 6 months saved in advance.
I've been doing it for many years (have a $4k a month mortgage (craziness!) and a family).
- MrT0
Yes, me too. I just had to prove a couple of years of 'stable' income. This is in Aus and I was only just a permanent resident (<4yrs) when I got it.
Your missus' situation will help, as would any deposit. If you've got a decent chunk of money to put down they tend to be a lot more accommodating.
- zarkonite0
Talk to those guys: http://www.multi-prets.com/ They'll get you a loan, no problem.
Just curious, are you looking on the island /south shore /laval?