There’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. Â Give me a call – J.P. Cook – 602-320-4253.
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5501 E Cholla Street
Scottsdale, AZ 85254
$2,389,900
5
Beds
3.5
Baths
4,192
SqFt
Status
Active
MLS #
6759858
Property Type
Single Family Residence
Price Type
--
Introducing a stunning new luxury listing in the heart of Scottsdale, Arizona - a contemporary masterpiece remodeled in 2022 and designed for the discerning homeowner who values elegance, comfort, and entertainment. This exquisite 5 bedroom, 3.5 bathroom residence spans almost 4,200 square feet of living space, offering an ideal blend of modern luxury and desert beauty. The home is situated on an expansive lot with room to relax, play and entertain. The open-concept design has a seamless flow between the gourmet kitchen, dining area, and living room. The chef's kitchen features state-of-the-art appliances, custom cabinetry, a large island with quartz countertops, and a walk-in butler's pantry - perfect for preparing meals while still engaging with guests. Adjacent to the kitchen, the spacious living area boasts a sleek, modern fireplace and four panel sliding glass doors that lead out to the resort-style backyard. The outdoor space is where this home truly shines as an entertainer's delight. A sparkling heated pool with a waterslide anchors the backyard, while an extended length covered patio provides the ideal setting for lounging and hosting gatherings. Enjoy cooking in the fully equipped outdoor kitchen with a new BBQ grill, ample counter space, fireplace and shaded area or relax and unwind in the above ground spa. The primary suite offers a luxurious retreat, complete with a spa-like bathroom featuring a soaking tub, dual vanities, and a walk-in shower. The suite also includes two expansive walk-in closets and direct access to the backyard. Each of the additional four bedrooms is generously sized and this floor plan ensures comfort and privacy for family members and guests alike. This Scottsdale gem combines luxurious living with a prime location, offering easy access to world-class golf courses, upscale shopping, fine dining, and the vibrant cultural scene of Old Town Scottsdale and Kierland. Welcome home!
9525 Sierra Springs Drive
Pinetop, AZ 85935
$2,375,000
4
Beds
4.5
Baths
4,330
SqFt
Status
Active
MLS #
6739699
Property Type
Single Family Residence
Price Type
--
Stunning Rustic Meets Modern with this gorgeous Luxury Home in a wilderness setting making it the most perfect Upscale Cabin home one can imagine in the beautiful lakeside Sierra Springs Community of Pinetop. This exclusive community boasts the best of the best in Cabin living in the white mountains and this rare opportunity to own a brand-new home built by an established and experienced hometown builder.Only 12 months build time, and you too can own in this prestigious community on one of the nicest view lots still available.They are TOP NOTCH. Minutes to town but far enough to enjoy the starlit dark skies and wildlife.
4042 N Pinnacle Hills Circle
Mesa, AZ 85207
$2,375,000
5
Beds
4.5
Baths
6,554
SqFt
Status
Active
MLS #
6774139
Property Type
Single Family Residence
Price Type
--
Embrace enduring elegance with a Spanish/Mediterranean influence in this custom masterpiece, nestled in the lush Sonoran Desert of Las Sendas. Harmonizing the comforts of modern living with timeless details, the home features inlaid wood and natural stone floors, Cantera stone fireplace surrounds, and rich natural wood doors, trim and casement windows. Attention to detail is evident in the turned columns and various ceiling treatments, including coffered ceilings, stone-clad groin vaults, barrel domes, and a stunning brick-lined surface-mounted dome over the breakfast nook. Indoor/outdoor living is made seamless with French slider doors in the main living areas, leading out to an expansive under-roof patio with tumbled pavers and elegant wrought iron fencing. A true sanctuary, the back yard features views of Red Mountain and surrounding mountains, a gorgeous fenced diving pool and spa, a gas firepit with seat wall, easy-care artificial turf and a built-in trampoline. The expansive view decks feature over 2,400 SF of entertaining space, offering 360-degree views of city lights, stunning sunsets and mountain views. A locked 'gate' at the rear of the property provides easy access to the extensive hiking and mountain biking trails that run throughout Las Sendas and connect to the Hawes Trail system. Inside, visitors will discover a 'perfect' floor plan featuring 6,030 square feet on the main level and a 524-square-foot upper loft, ideal for an additional game room or play space. Formal living and dining areas greet guests at the impressive entry, while the gourmet kitchen and great room serve as a comfortable retreat at the 'heart' of the home. The kitchen boasts custom Alder cabinetry, bar seating, and a center island with a prep sink, two dishwashers, a 6-burner Wolf range with a built-in griddle, dual ovens, a twin 36 Sub-Zero refrigerator/freezer combo, a warming drawer, built-in desk, and large walk-in pantry. The great room is spacious and warm, with a floor-to-ceiling Cantera stone fireplace, hand-scraped wood floors, built-in speakers and easy access integrated wiring for easy A/V hookup. The owner's suite features a gorgeous fireplace with Cantera surround, sitting area, sublime marble vanities and prep area, a jetted tub, oversized shower, bidet, and a spacious closet with built-ins. Additional rooms include a spacious den with storage closet and coffered ceiling, one bedroom near the owner's suite (perfect for a nursery, gym, or second office), and three guest rooms at the opposite end of the home, all with walk-in closets- two of which have ensuite baths, along with an additional full bath. A separate home theater offers a projector and screen, built-in speakers with direct access to the upstairs loft/game room. The impressive 4-car garage provides over 1,240 square feet of open space, featuring newly coated epoxy floors and two over-height/width double garage doors (one 10', one 8'). room for additional amp service, and a circular drive accented by easy-care turf is great for guests. Las Sendas is an award-winning community with miles of hiking and biking paths, a top-rated golf course, tennis and pickleball courts, heated lap pools, and a gorgeous clubhouse. Convenient to the 202 Red Mountain Freeway, the community backs to the Tonto National Forest, and is just minutes from pristine hiking and mountain biking trails, paddling and kayaking, nearby lakes and just one hour from the cool pines of Payson!
3514 N Apache Way
Scottsdale, AZ 85251
$2,375,000
5
Beds
5
Baths
3,527
SqFt
Status
Active
MLS #
6782475
Property Type
Single Family Residence
Price Type
--
FULLY FURNISHED AND TURN KEY READY LUXURY RETREAT LOCATED DOWN THE STREET FROM THE VALLEY HO HOTEL AND WALKING DISTANCE TO OLD TOWN SCOTTSDALE. BUILT IN 2022, FEATURING 5-BEDROOMS, 5-BATHROOMS FAMILY ROOM WITH A LARGE GLASS SLIDER, A COZY FIREPLACE, A SPACIOUS LOFT, A TEMPERATURE CONTROLLED 3 CAR GARAGE WITH EPOXY FLOORING, LIGHT-COLORED AIRY WOOD FLOORS, AND HIGHER-END LUXURY TILE PACKAGES, STUNNING MAIN ENTRY, GOURMET KITCHEN, SPACIOUS KITCHEN, OVERSIZED QUARTZ KITCHEN ISLAND, EAT-AT BAR, TOP TIER APPLIANCES, 5 INCH BASEBOARDS, CONTRASTING COLOR AND POLISHED SHAKER CABINETS, ABUNDANT RECESSED LIGHTING, RESORT-STYLE SPA BATHROOMS WITH WALK-IN SHOWERS, ACCENT WALLS, SOAKING TUBS, ZERO ENTRY SHOWERS, LARGE LAUNDRY ROOM WITH GEOMATIC TILES, SPARKLING POOL, BARBECUE. PERFECT FOR YOUR PRIVATE OASIS, SECONDARY HOME OR INVESTMENT PROPERTY.
6545 N 29th Street
Phoenix, AZ 85016
$2,375,000
4
Beds
3.5
Baths
3,820
SqFt
Status
Active
MLS #
6728828
Property Type
Single Family Residence
Price Type
--
Welcome to luxury living in the prestigious 24-Hr Guard-Gated Biltmore Hillside Villas Community! This exquisite 4-bedroom, 3.5-bathroom home spans 3,820 sq ft and offers an unparalleled blend of elegance and comfort. Step inside to a stunning entrance with high ceiling that leads to an expansive family room perfect for entertaining. The ground level boasts a generously-sized primary suite, offering ultimate convenience and privacy. Upstairs, you'll find three additional spacious bedrooms with plenty of space for a home gym, office, or both. A striking glass staircase adds a modern touch to the sophisticated design. Outside, a beautifully landscaped backyard provides breathtaking mountain views, perfect for outdoor gatherings. At night, enjoy captivating cityscape views. Excellent Biltmore location - Minutes from shopping, dining, Sky Harbor Int'l Airport
4511 N 38th Place
Phoenix, AZ 85018
$2,375,000
6
Beds
4.5
Baths
3,545
SqFt
Status
Active
MLS #
6707667
Property Type
Single Family Residence
Price Type
--
2023 Thomas James Homes built modern farmhouse home is what many are searching for - no detail has been spared. NO HOA! Open Floorplan is amazing with Primary Suite downstairs with a spa like ensuite with dual sinks! 2 Additional bedrooms are downstairs with shared bathroom. When you enter the home you enter into a wonderful great room - the LR is open to a fabulous gourmet kitchen w/a large island for entertaining, 60'' refrigerator/freezer, Italian Bertazzoni 6 burner stove w/griddle. Along w/all the cabinets there is also a pantry- no lack of storage in the kitchen. Upstairs has an incredible loft for additional entertaining. Off the loft are 2 bedrooms that also share a full bath + an additional room that can be used as an office, play area for the kids, or a teen get away. Natural Wood flooring throughout the main living spaces with carpet in the bedrooms. RV Gate Sliding wall of doors in the great room open to the patio to bring the outside in......This home does not lack for storage Sparkling pool to cool off in and enjoy the Arizona summer. You will love the area, close to LGO, Postino's, Kachina Park, Biltmore Fashion Park and Scottsdale Fashion Square and minutes away from the airport
41504 N 107th Way
Scottsdale, AZ 85262
$2,367,000
3
Beds
3.5
Baths
2,941
SqFt
Status
Active
MLS #
6745885
Property Type
Single Family Residence
Price Type
--
SEVEN GOLF MEMBERSHIP AVAILABLE. This is an amazing opportunity to move right into this Remodeled and fully Furnished (turnkey) home located in the exclusive guard-gated community of Desert Mountain. Nestled at the end of a cul-de-sac on a large lot, with ample room to add a casita, this rare find in the village of Cochise Ridge offers an expansive and private outdoor patio with negative edge pool, beautiful rock waterfall and spa overlooking the natural open space, mountains and city lights. The open floor plan residence with modern finishes that exudes elegance and comfort is ideal for both relaxed family gatherings and entertaining with a huge flat screen TV and Sonos surround sound audio. The open residence seamlessly flows from living room/great room into a fully stocked gourmet kitchen, equipped with high-end appliances, large pantry in 100+ bottle dual zone wine cooler, sleek countertops, and ample cabinetry for the culinary enthusiast. The home offers three generously sized ensuite bedrooms, each with its own private bathroom, ensuring a serene retreat for family and guests. The primary bedroom is secluded on a separate wing with a large walk-in closet, gas fireplace and private patio. Step outside to discover your personal oasis: a negative edge pool integrated with a desert rock waterfall spa offering ample patio/deck space with breathtaking views and the perfect setting for a refreshing swim or sunset cocktails. Entertain with ease in the separate outdoor BBQ and al fresco dining area, where you can host unforgettable gatherings with friends and family. Spa and Pool Equipment all New. An oversized two-car garage with epoxy floor coating, whole house water conditioning system, industrial shelving and double garage doors provides ample space for your vehicles and additional storage needs. This home is available TURNKEY including furniture, full kitchen supplies, linens, some art and more. - just bring your toothbrush. A transferrable SEVEN GOLF MEMBERSHIP is available to transfer via a separate purchase through the Desert Mountain Club. Extensive list of upgrades. New Spa New pool equipment $3500 pellet grill Newly reconditioned bbq Almost New (barely used) Furniture New AC unit New Air Handler Industrial Garage Shelving All new TV's and Sonos sound system Two wine refrigerators Large gun/valuables fire safe Original art Extensive landscape lighting Smart home controls for multi area temperature control, pool temperature and wifi weather station. Embrace the Desert Mountain lifestyle with world-class amenities, stunning natural beauty, and the privacy of a prestigious community. Make this your full-time residence or the ultimate vacation getaway.
240 Casitas Court
Sedona, AZ 86351
$2,350,000
4
Beds
5
Baths
3,624
SqFt
Status
Active
MLS #
6777299
Property Type
Single Family Residence
Price Type
--
Contemporary Luxury with Spectacular Views! This stunning, to-be-built modern home offers breathtaking, panoramic views of Bell Rock, Castle Rock, Lee Mountain, and Courthouse Butte. With no HOA restrictions and short-term rentals allowed, this property is the perfect blend of elegance and investment potential. The design features a floor-to-ceiling window wall that opens up, seamlessly blending indoor and outdoor living spaces. Highlights include: 3,624 sq ft of sleek, contemporary design with 4 bedrooms and 4.5 bathrooms Energy-efficient construction with 2x8 walls, 2'' exterior foam insulation, a metal roof, and owned solar panels Multiple outdoor spaces: 3 view decks and a covered patio, including an outdoor kitchen with a built-in BBQ Spacious Great Room with a gas fireplace, open kitchen, and dining area Luxurious main-level Master Suite with stunning views and a split guest bedroom with a private bath Lower level includes 2 guest suites, a living room, and a 3-car garage Elevator shaft for future accessibility and 220 electric in the garage, ready for electric vehicles Prime location, just minutes from hiking trails, local markets, dining, and three golf courses. Conceptual images are provided, with materials and renderings subject to change. Features include stacked stone exterior, concrete flooring on the lower level, cork floors on the main level, and plush carpet in the bedrooms. This home is designed for the ultimate Sedona lifestyle with its sleek contemporary design and unbeatable views.
4633 N 49th Place
Phoenix, AZ 85018
$2,350,000
5
Beds
4
Baths
2,827
SqFt
Status
Active
MLS #
6763909
Property Type
Single Family Residence
Price Type
--
Beautiful property on a 0.7 acre lot with breathtaking Camelback views ! Boasting an incredible backyard it's an entertainer's dream. Imagine relaxing by the sparkling pool, enjoying the sunset or hosting gatherings in your expansive outdoor space. The home was renovated and furnished with high end material in 2020. The gourmet kitchen and elegant finishes are remarkable. There are a lot of natural lights pouring through the large windows, enhancing the open-concept floorplan. 3 primary bedrooms with ensuite to provide comfort and luxury. Everything is included you simply need to bring your suitcase. This property has been an incredible rental producer, this could be your investment gold mine! Located just minutes from Scottsdale's Fashion Square, a variety of world-class restaurants. and premier golf courses, this home offers easy access to the best of both Arcadia and Scottsdale living. Whether you're looking for a serene retreat or a place to entertain, this property is an absolute gem. Don't miss out on the opportunity to live in one of Phoenix's most desirable neighborhoods with views that will leave you in awe!
3749 E Juniper Circle
Mesa, AZ 85205
$2,350,000
5
Beds
5.5
Baths
4,374
SqFt
Status
Active
MLS #
6754049
Property Type
Single Family Residence
Price Type
--
This home is a collector's paradise, boasting unparalleled elegance and move-in readiness. With recent upgrades enhancing every corner, it offers the pinnacle of luxury living. The open floor plan features bedrooms each with their own ensuite, complemented by walk-out patios and a private backyard oasis that promises a resort-like experience. The home shines with fresh interior paint and a state-of-the-art misting system, alongside top-tier amenities like the Ferrari of Toto Toilets, a new AC unit, and water heaters. A whole-house water filtration and soft water system, therapeutic hot tub, and indoor/outdoor Minka Fans further elevate the living experience. For car enthusiasts, the property includes a true 6-car garage with Swiss Trax flooring and air conditioning for extra comfort. The chef's kitchen is a dream, equipped with Subzero/Wolf appliances and an extension of the outdoor kitchen ideal for entertaining. Every detail in this home has been meticulously attended to, making it a one-of-a-kind property on the market. Don't miss out on the opportunity to explore all the exceptional features when you view this home & receive a complete list of enhancements!
7946 E Soaring Eagle Way
Scottsdale, AZ 85266
$2,350,000
4
Beds
5
Baths
4,273
SqFt
Status
Active
MLS #
6779316
Property Type
Single Family Residence
Price Type
--
Incredible custom home in Montesano at Winfield Resort. Owners have updated, upgraded, and maintained this home like few others. Mechanicals (AC's), roof, pool and 4 car garages all updated to the max. Resort pool backyard w/ built-in fireplace, bar-b-que island, htd pool/spa, covered and uncovered patios with captivating views to Winfield Mtn(75 acre boulder studded preserve). Large custom lot tucked away in tranquil cul-de-sac. Featuring three ensuite bedrooms and a full flex office/den/hobby or full 4th bedroom w/ walk in closet and 3/4 bath and private separate exit. The garages are split 2 and 2 with one side temp controlled, extended bays, workshop areas, storage room, epoxy floors, IMMACULATE. High volume ceilings, expansive kitchen/great room/ dining, master.Full resort amenities!
19735 E Sonoqui Boulevard
Queen Creek, AZ 85142
$2,350,000
5
Beds
4
Baths
5,089
SqFt
Status
Active
MLS #
6781997
Property Type
Single Family Residence
Price Type
--
ABSOLUTELY BEAUTIFUL 5 BEDROOM + DEN, 4 BATHROOM WITH 4 CAR GARAGE ON A HUGE 35,000+ SQUARE FOOT LOT IN CIRCLE G THAT HAS JUST UNDERGONE AN EXTENSIVE REMODEL (SEE PICS...ITS GORGEOUS!). HIGH CEILINGS, SEPARATE LIVING AND GREAT ROOMS, HUGE ISLAND KITCHEN WITH HIGH END APPLIANCES, QUARTZ COUNTERS, WOOD FLOORING THROUGHOUT, THE MASTER SUITE IS LARGE AND ELEGANT, SEPARATE SOAKING TUB AND HUGE SHOWER, THE BASEMENT FEATURES 2 BEDROOMS, A FULL KITCHEN AND STACKABLE WASHER DRYER AND THEATER ROOM/FAMILY ROOM. THE EXTERIOR BOASTS AN OVERSIZED 4 CAR GARAGE, TONS OF STORAGE INCLUDING A SEPARATE AIR CONDITIONED STORAGE AREA WITH ACCESS TO THE GARAGE AND BACKYARD (PERFECT FOR A CONDITIONED WORKSHOP), HUGE BACK PATIO, WITH OUTSIDE FIREPLACE, SPORT COURT, BEAUTIFUL PRIVATE POOL W GROTTO, NEW ROOF, ETC.