Self-Employed? Here’s What You’ll Need to Get a Mortgage Approval

Self-Employed? Here's What You'll Need to Get a Mortgage ApprovalThere’s a lot of flexibility and personal freedom associated with self-employment that can be a great benefit to your lifestyle and your pocketbook. However, because of the somewhat unpredictable nature of self-employment, it can make acquiring a mortgage a little more difficult. If you’ve recently become self-employed or have been in the game for a while, here are some things you may want to consider before submitting your mortgage application.

Putting More Money Down

20% is often considered the magic number when it comes to the down payment because this will allow you to avoid homeowner’s insurance. However, if you’re self-employed, you may want to consider putting even more money down as this will more strongly signify to lenders that you’re prepared for home ownership and in control of your finances. While your down payment will provide you with equity instantly, a higher payment will also lower your monthly cost and make your finances even more secure from month to month.

Minimizing Your Debt

The amount of debt a potential homeowner has can adversely affect any mortgage application, but in the event you’re self-employed, a high debt load means even more money is being paid out of a salary that is not necessarily predictable. By paying off the debts you can before applying for your mortgage, you’ll be able to invest that much more of your hard-earned money into your monthly payment without breaking the bank and cutting monthly expenditures.

A History Of Self-Employment

Being self-employed means you’ll have more to prove to your lender, but if you have a spotty self-employment history and long periods without bringing in any income, this will make it even harder. Instead of jumping into the mortgage market soon after becoming self-employed, try and have at least two years of successful self-employment behind you. By being able to prove this, the lender will see that you’re a solid financial bet and an experienced professional who will be able to find work when it’s required.

The nature of being self-employed and the fluctuations in income that can come along with it can make a mortgage lender nervous. However, by having a solid history of self-employment behind you and minimizing your debt load, you’ll be able to prove to the lender that you’re serious about home ownership.

If you have further questions, I’m self-employed and have some tips and tricks to share.  Give me a call – J.P. Cook – 602-320-4253.

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9020 N Flying Butte -- Fountain Hills, AZ 85268

$3,100,000 - 4Br/6Ba -  for Sale in Eagle Mountain Parcel 4, Fountain Hills
Open House
$3,100,000
4 Beds
5.5 Baths
7,000 SqFt
Status Active
MLS # 6664428
Property Type Single Family Residence
Price Type --
This house is built for entertaining! Look at the floor plan.Single level living w/ 5 car garage below. Golf course community! Upon entering this custom home, you are greeted by awe-inspiring natural splendor. Host unforgettable gatherings in the grand open family room (35 X 30), where guests can mingle effortlessly amidst the backdrop of panoramic mountain vistas and city lights. Immaculately SPOTLESS home. Prepare to be blown away by MILLION DOLLAR VIEWS from every room! 4 En-suite bedrooms, +Office +Theater +Gym +5 Car garage. Huge kitchen with 2 islands, 2 dishwashers, gas cook top, natural light throughout, convenient dumb-waiter from garage to pantry. 100% move in ready! *Perfect split floor plan! First time on the market!

8366 E Old Paint Trail Scottsdale, AZ 85266

$3,099,995
4 Beds
4.5 Baths
3,236 SqFt
Status Active
MLS # 6537091
Property Type Single Family Residence
Price Type --
Days on market include build time****MOVE IN READY HOME New Construction Home in the gated community of Reserve at Black Mountain. Gourmet kitchen includes maple cabinets and designer appliances including a Wolf 48'' Rangetop with Griddle, Pro Hood, Micro Drawer, Pro Double Ovens and Cove Dishwasher and overlooks the expansive main living area with soaring 17' ceilings and a 24' Multi-Stacking Door with pocket, opens on to a large covered patio. This home is an entertainers delight. Secluded office or 4th bedroom at the rear of the home with access to the backyard. Full landscape and pool are included in this price.

4519 E Meadowview Drive Gilbert, AZ 85298

$3,099,000
6 Beds
5.5 Baths
5,137 SqFt
Status Active
MLS # 6784434
Property Type Single Family Residence
Price Type --
Experience unparalleled luxury living on one of the largest lots in Seville Country Club, nestled behind the private gates of Estados/Circle G. This spectacular 1.33-acre estate offers an array of premium amenities, creating your personal paradise. Imagine coming home to an outdoor living room with a cozy fireplace and fire table, a fully equipped outdoor kitchen, a covered ramada with an additional fireplace, and a sparkling pool with a built-in spa and sheer descent waterfalls. Enjoy your own poolside casita with roll-up garage doors, a pitch-and-putt golf course, a sport court with pickleball, and an RV garage with a private gym. The property also features a second casita in the front courtyard, and there's still plenty of room to customize with additional features like... another garage, playground, office, or workshop. Step inside to a stunningly remodeled interior, thoughtfully designed for both style and function. The heart of the home is the bright, open kitchen, featuring modern finishes, walls of glass that open to create a seamless indoor/outdoor living experience, and breathtaking views. Barn doors provide versatility, while the split floor plan ensures privacy. The primary suite occupies one wing, with three spacious secondary bedrooms on the other. This home truly excels in versatility with two casitas: Casita #1: Located in the front courtyard with a private entrance. Casita #2: Situated poolside, featuring two garage doors, a separate patio, a private kitchen, a full bathroom, and endless possibilities for use. The property is perfectly tailored for entertaining, with multiple spaces to host gatherings, celebrate holidays, or simply relax with loved ones. The private office overlooks the gated front courtyard, and the estate offers two driveways: a circular front driveway and an oversized side drive. One of only a few properties of this size in the entire 3,600-home community, this estate is located just a short golf cart ride from the Southeast Valley's most prestigious amenities at Seville Golf & Country Club. Members enjoy an 18-hole golf course, health club, two restaurants, four pools, two-story water slides, tennis and pickleball courts, basketball courts, bocce ball, a preschool, a hair salon, and so much more. Currently listed below appraised value, this is your chance to create the life you've always dreamed of in one of the most sought-after communities in the Southeast Valley. Don't miss this rare opportunity to own a one-of-a-kind estate in Seville Country Club!

28011 N 109th Way Scottsdale, AZ 85262

$3,095,000
4 Beds
4.5 Baths
3,730 SqFt
Status Active
MLS # 6655624
Property Type Single Family Residence
Price Type --
Serene is brand new gated enclave of 21 cutting edge single level contemporary homes designed by Swayback Architects & Planners and built by Sonora West Development. Each Serene home brings a new definition to the ''Lock and Leave'' lifestyle with open Great Room floor plans perfect for both entertaining and everyday living. There are four different models to choose from with lavish interior finishes created by renown interior designers Est Est. This Model A has a 3 car garage and available only on lots, 7, 11, & 18 (Model A with 2 car garage only on lots 2, 4, 6 & 16). Base price shown does include lot premium and includes a 25K pool and a 25k landscape allowance, Subzero & Wolf Appliances & BBQ. Backing to the North side of Pinnacle Peak Mountain in N Scottsdale Serene..

9767 E Larkspur Drive Scottsdale, AZ 85260

$3,095,000
5 Beds
4.5 Baths
4,402 SqFt
Status Active
MLS # 6766323
Property Type Single Family Residence
Price Type --
Incredible SoHome Scottsdale Designed Custom Remodeled Home, on over an acre Lot with no HOA! Very hard to find, 5 bedrooms PLUS Den PLUS bonus/playroom PLUS Entertainment/Pool table room, 4.5 baths 3 car garage move in ready! Some of the amazing upgrades include: Andersen Multi slide doors, new Milgard windows throughout, all new flooring, fresh paint inside/out, quartz countertops, new plumbing fixtures, carpet, cabinets, custom front metal door, light fixtures, hardware... everything is new. Open floor plan has lots of natural light and big entertaining spaces- laundry Room has doggy/pet spa. Huge backyard has mature landscaping, playground, putting green, basketball court and large pool. Plenty of room to build a guest house/garage. Seller will consider trades.

4743 E Arcadia Lane Phoenix, AZ 85018

$3,095,000 - 4Br/4Ba -  for Sale in Del Ray Estates 12 Amd, Phoenix
Open House
New
$3,095,000
4 Beds
4 Baths
3,488 SqFt
Status Active
MLS # 6779820
Property Type Single Family Residence
Price Type --
This sprawling Arcadia ranch is just lovely. The floor plan flows perfectly and includes a large island kitchen with plenty of space to prep, serve and entertain, a beautiful formal dining room, a fantastic great room and family room both overflowing with natural sunlight, private office, super cool Arizona room, and even a guest house. This home is perfect for a family of any size with four large bedrooms and four bathrooms, and the layout makes perfect use of the space making the home seem much larger than the square footage suggests. This immaculate residence sits on a huge corner lot with magnificent mountain views. Surrounded by multi-million dollars mansions, this is a phenomenal opportunity!

37440 N 104th Place Scottsdale, AZ 85262

$3,000,000
4 Beds
4.5 Baths
4,493 SqFt
Status Active
MLS # 6773978
Property Type Single Family Residence
Price Type --
This is the perfect sized home located in the private golf community of Mirabel. The home has many updates and provides the seamless indoor / outdoor desert lifestyle by way of the wall of pocket doors.. The great room allows the perfect setting for hanging with your family and friends. The kitchen is spacious and includes a giant walk in pantry. Just adjacent to the kitchen is breakfast room and an entrance to the outside for the perfect outdoor kitchen and entertainment area. Perfect for a pool table or ping pong. Adjoining the great room is the family room with ample wall space for the largest of TV's. The primary suite has access to the pool and spa and has an opulent shower and tub. The closet is spacious with quality shelving. All guest rooms are ensuite and spacious. The office / workout room opens to the front court yard to enhance your workout experience. Across the courtyard is the attached casita with it's own entrance. It is fully equipped for your guests. The wine storage is achieved with thoughtfully placed wine coolers under the kitchen island. You'll be spending a good amount of your time in the recently remodeled back patio. It has new travertine pavers, new pool and spa, covered, lighted and heated gazebo with a TV to watch the games! This is truly the Arizona lifestyle. Waitlists exist for Social and Golf Memberships.

23832 N 112th Place Scottsdale, AZ 85255

$3,000,000
4 Beds
4.5 Baths
4,915 SqFt
Status Active
MLS # 6744119
Property Type Single Family Residence
Price Type --
Discover the epitome of luxury living w/this stunning custom Santa Fe home, perfectly positioned on a sprawling 1.25-acre lot in scenic Troon Ridge Estates. Embrace unparalleled privacy and serene mountain, golf course & sunset views from this exquisite property. The main residence seamlessly blends classic Southwestern charm w/modern sophistication. Inside, you'll find warm wood floors & stunning ceilings adorned w/rich wooden beams. Latilla wood shutters add an authentic touch while allowing natural light to flood the space. The updated interiors include a walk-in wine cellar w/a tasting room, perfect for wine enthusiasts and entertaining guests. The reimagined upstairs primary suite offers a haven of tranquility. This closet is designed as a multifunctional space... This closet is designed as a multifunctional space serving also as a sitting room/office and the spa-quality bathroom creates a serene retreat. Step outside to your private oasis, featuring a backyard designed for relaxation and entertainment with pool, fireplace, outdoor kitchen and acoustic amphitheater. Adjacent to the main home is a newly remodeled detached guest house, offering privacy and comfort for visitors. This charming addition complements the main residence with its own unique blend of style and modern updates.

758 Southlake Road Lakeside, AZ 85929

$3,000,000
6 Beds
7 Baths
5,793 SqFt
Status Active
MLS # 6745246
Property Type Single Family Residence
Price Type --
This beautiful LAKE property in the perfect Arizona picturesque landscape, boasts a 3,398 SF Main house and a 2,394 SF Guest House. Tucked in a private portion of the lake, it is a serene escape into mountain living. The property sits on a stunning ¾ acre lot & offers a unique blend of comfort & eligance, with its log-sided architecture and FULLY furnished interiors. Surrounded by tons of trees & beautiful neighboring homes, this property stands out w/ its private gated entrance & private boat dock, perfect for fishing or kayaking adventures, on this exquisite & rare lakefront property. The promise of peaceful days amazing sunsets & starry nights is a reality here, w/ amenities such as a truly HUGE back deck, outside fireplace plus a lower firepit and BBQ area enhancing outdoor living! Imagine a grand log home where the great room, with its expansive floor-to-ceiling windows, offers a panoramic view of a serene lake. This home has one of the BEST views of Rainbow Lake! The heart of the home features a large rock fireplace, perfect for gathering around on chilly evenings. This fireplace has a gas starter for easy to light wood fires, or it could easily be converted to a ornamental gas fireplace. Both the interior and exterior fireplaces on the main house have gas starters. The ceilings boast beautiful tongue-and-groove woodwork, complementing the rich wood flooring that extends throughout the space. The ceilings throughout the main house, including the carport, and the wall under the stairs are a stunning cedar. An open chef's kitchen, complete with a rock-sided island and stone countertops, invites culinary adventures. The chef's gas commercial grade stove is fantastic. Lots of counter space and a custom made live edge wood island and breakfast bar. A custom pizza, by the fireplace, that you can cook with gas or wood is fun and creative for any setting. Imagine cooking looking out to the lake. The guest 1/2 bath on the main floor has a custom made cypress vanity that is one of a kind that adds rustic elegance. The Primary suite is a luxurious retreat, with its own stunning lake views, an ensuite that includes a soaker tub, double vanity, and a custom tiled shower designed for warmth with radiant floor heat and relaxation. The main floor also houses a cozy guest suite that basically mirrors the Primary and it too has heated radiant floors in the bathroom. Upstairs is a third bedroom with an accompanying bathroom awaits, alongside an open loft that's perfect for hosting additional guests. ALL bedrooms plus the loft have astonishing VIEWS of the lake. This log sided home is a harmonious blend of rustic charm and modern comfort, creating a space that's as inviting as it is beyond impressive. Photos can't begin to embrace it beauty and magic. The SIX car garage adds additional features like a car lift with an air compressor. The garage is 25X60 with an office and storage area above that is 15X60 with a 1/2 bath offers flexibility for work or play. Additional features are fully enclosed fenced property, smart home with cameras and alarms, plus a surround sound system cater to both convenience and entertainment. The electronic hub, cleverly concealed under the stairs in a built-in bookshelf, speaks to the thoughtful design of the home. A dog shower in the mudroom/laundry adds a touch of consideration for pet owners. The gated entrance ensures privacy and exclusivity, making this property a secure haven. For those drawn to the charm of lakeside living, this home on Rainbow Lake is a rare find, promising a blend of relaxation, recreation, and potential revenue. It's an invitation to embrace the tranquility of nature while enjoying the comforts of a well-appointed home. At the back of the property there is a beautiful guest home that offers the epitome of spacious living, with a split bedroom floor plan that seamlessly connects the living room with a wood burning fireplace, to an inviting front deck and an open kitchen. Large windows flood the space with natural light, creating an airy and welcoming atmosphere. The primary suite provides a private retreat, while two additional guest rooms ensure comfort for visitors. This home, with its thoughtful design and ample amenities, represents the ideal guest house for those who value both comfort and style. The landscaping on this property is stellar and the photos can't begin to show it's beauty. The circular driveway is incredibly appointed for ease and ample parking. This property must be seen to understand how fantastic it is. In addition, this property is beyond rare here in Arizona. It truly is so unique and the location on the lake is absolutely one of the very best available. The views are STELLAR. The sunsets are picturesque and the sunset cruises are a must! Imagine living in the White Mountains of Arizona where you have 4 beautiful seasons and where you can breathe in the fresh mountain air and enjoy the 40 lakes and over 600 miles of rivers and streams. In addition to the amazing fishing, this area has one of the most extensive trail systems in the southwest for hiking, biking, horseback riding, quadding and more. Sunrise Ski Resort is also just 40 minutes away with 3 beautiful mountains to ski, snow board or sled. If shopping is your interest, you will love the antique stores and the multitude of arts and craft shows that happen in the summer. The music festivals have something to fit everyone's enjoyment. Do you love to golf? There are 7 amazing golf courses, 3 that are public. The White Mountains, where this home/cabin is the best kept secret of Arizona! Come and explore and enhance your living! Pinetop-Lakeside was also voted 'Best Cabin Region in the U.S... Embrace the MAGIC!

14256 N Territory Trail Fountain Hills, AZ 85268

$3,000,000
4 Beds
5.5 Baths
4,734 SqFt
Status Active
MLS # 6758592
Property Type Single Family Residence
Price Type --
Discover this spectacular contemporary home in Adero Canyon, perfectly positioned against a serene preserve on a quiet cul-de-sac. If you seek privacy, stunning views, and a tranquil setting, this property is an absolute must-see. Access Adero Canyon through a private gate, which opens to a select enclave of 31 semi-custom luxury homes. This exquisite residence features 4 large ensuite bedrooms, 2 private offices one with private entry, a bonus/movie room, 5.5 bathrooms, and an oversized 4-car garage. The main living spaces and the master suite are located upstairs to take full advantage of the 360-degree mountain views. Upon entry, you'll be welcomed by a spacious great room that seamlessly flows into the gourmet kitchen. This culinary haven boasts a 48-inch Wolf range & hood....cont'd A 42 Sub Zero French door Refrigerator, double Wolf wall ovens, a large island, and a walk-in pantry. The open great room design extends to a generous outdoor balcony, ideal for entertaining. The primary suite is a private retreat, featuring an upgraded body shower sprayer, a separate bath tub, and a large, beautifully finished closet. A separate walkway leads to one of the private offices, offering extra quiet and privacy away from the main house. Downstairs, you'll find 3 additional large en suite bedrooms plus a large movie/games room with pocket doors that open to a private outdoor oasis. This outdoor paradise includes a heated oversized pool with a swim-up sunken bar, a spa, a built-in covered outdoor kitchen and bar area, a full pool bathroom, a putting green, and a grassy area for entertainment. Enjoy the spectacular outdoor spaces and the breathtaking 360-degree mountain views along with the serene preserve.

5831 N Echo Canyon Circle Phoenix, AZ 85018

$3,000,000
2 Beds
2.5 Baths
3,667 SqFt
Status Active
MLS # 6748221
Property Type Single Family Residence
Price Type --
Welcome to Echo Canyon's guard-gated community! This modernly remodeled home offers breathtaking views of Echo Canyon & The Praying Monk. Upon entry, you're welcomed by an expansive great room w/ soaring ceilings. The gourmet kitchen features a stunning prep island adorned w/ a Dekton Trilium countertop. The primary suite is luminous, highlighting views of the Praying Monk & providing private access to the tranquil backyard. Its spa-like bathroom showcases a custom metal barn door, a floating vanity w/ double glass sinks, & Grohe fixtures. Outside, an outdoor kitchen equipped with a 50'' Wolf Professional Gas BBQ & seating area awaits, alongside two custom-designed Eurocave wine coolers holding 500 bottles! A separate den(or potential 3rd bedroom) with fireplace & built in Murphy Bed.... The community also features private hiking trails, pool, spa & tennis.

3355 N 55th Place Phoenix, AZ 85018

$3,000,000
5 Beds
4 Baths
3,973 SqFt
Status Active Under Contract
MLS # 6764526
Property Type Single Family Residence
Price Type --
Welcome to Arcadia Parkside, an exclusive gated enclave of four exquisite homes in the highly sought-after Arcadia neighborhood, just steps from Arizona Country Club and local hotspots. This stunning residence features lush landscaping and a well-designed floor plan spanning nearly 4,000 square feet. The chef's kitchen boasts a spacious island and top-of-the-line appliances, ideal for culinary enthusiasts. Soaring ceilings create an impressive atmosphere, while reclaimed wood beams, French oak flooring, and custom millwork add warmth. The exceptional primary suite offers a luxurious soaking tub, oversized shower, and a generous walk-in closet. The backyard is an entertainer's dream, with ample patio space, lush landscaping, and a sparkling pool. Experience the perfect blend of sophistication and tranquility at Arcadia Parkside, where every detail has been thoughtfully curated for a luxurious lifestyle.

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