How To Purchase Or Refinance Your Home When Your Revenue Is High But Your Reported Income Is Low Because Of Expenses And Writeoffs
Purchasing or refinancing a home is an exciting endeavor, but it can be complex, especially when your reported income doesn’t fully reflect your financial capabilities. If you’re someone with high revenue but low reported income due to expenses and write-offs, you might be wondering how to navigate the mortgage process effectively. In this blog, I’ll guide you through strategies to secure a mortgage that considers your actual financial prowess.
Provide a Comprehensive Picture of Your Finances
When your reported income doesn’t accurately represent your financial situation, it’s vital to provide a comprehensive overview of your earnings and expenses. This might involve sharing business profit statements, tax returns, and other relevant documentation that showcase your ability to manage mortgage payments despite your lower reported income.
Opt for a Stated Income Mortgage
For self-employed individuals or business owners, stated-income mortgages can be a suitable option. These mortgages consider your stated income rather than relying solely on traditional income verification methods. However, this approach may come with slightly higher interest rates, so it’s essential to weigh the pros and cons in relation to your financial goals.
Collaborate with a Mortgage Professional
Partnering with a skilled mortgage broker can make a significant difference in your home-buying or refinancing journey. A mortgage expert can leverage their industry insights and connections to find lenders who are more understanding of unconventional income situations. They can help you navigate the application process, increasing your chances of approval.
Your high revenue and low reported income don’t have to hinder your dreams of homeownership or mortgage refinancing. At Hu Brietkopf, we specialize in tailoring solutions for individuals facing unique financial situations.
Our commitment to providing the best care and service means you can confidently pursue your housing goals. To learn more about the services we offer, please click here. To get in touch with us, please click here or give us a call at (778) 896-4657.