Druann Jedrey | Wilmington Real Estate, Tewksbury Real Estate, Billerica Real Estate


Being self-employed comes with a lot of perks. Self-employed workers often have the freedom to set their own schedule, work from home, and take breaks whenever they feel like it. They also have the ability to write things off as business expenses on their taxes. When it comes to buying a home, this last perk can become a huge problem. If you own your own business or work as a freelancer, odds are you'll be deducting things from your taxes that the average employee doesn't: travel expenses, advertising, licensing, equipment, repairs, or even rent for your office. When tax season rolls around, all of these deductions feel like a godsend. But if you plan on buying a home, all of these costs will appear as negative income. For people who spend a lot of money on their business or freelancing, it could do a lot of damage to your apparent income when lenders take a look at your finances. However, you do have options when it comes to getting approved for a mortgage that is to your liking. In this article, we'll cover some tips on how to apply for a mortgage when you're self employed to give yourself the best chance of approval.

Carefully document your income

When you sit down with a lender and hand them your proof if income, you want to make it as obvious as possible that you're earning money in a reliable and predictable way. Lenders will want to see multiple documents that can help paint a better picture of your income and finances, including:
  • Bank statements
  • Schedule C tax forms
  • Profit and loss tax forms
  • Completed tax returns
  • Credit score (they will run a credit check)

Separate your business and personal finances

If you own your own business, you likely have business banking accounts you use for expenses and invoices. But freelancers and contract workers often simplify things by just using their personal checking and savings accounts for income. To make things clear for lenders, you should put your income and business expenses into a separate business account. Not only will this make it easier for lenders to quantify your income, but they can also use this information to see that your expenses are for helping your business rather than personal spending.

Timing is everything

There are a number of factors that go into choosing the right time to apply for a mortgage. Being self-employed only complicates the matter since your income might not be as steady as your average wage worker. You'll want to commit to a mortgage at a time when you've had at least two consecutive years of good, reliable income. You'll need to prove this with the aforementioned documents (bank statements, tax forms, etc.). Part of this planning could be to avoid large business expenses in the two years leading up to your mortgage application. This isn't always possible, of course, but it could be enough to boost your apparent income to get you approved for a better loan.

Seek specialized lenders

Some lenders are aware that there is a large portion of the country made up of self-employed workers and small business owners. They go out of their way to work with people who are self-employed so they can give them fair deals on their mortgages. To find specialized lenders, you'll have to do some research online, but it could make all the difference when it comes to getting approved for the loan you're looking for.

Want to transform your homeownership dream into a reality? Understanding what it takes to enter the real estate market successfully is paramount for homebuyers. With the necessary preparation, you should have no trouble purchasing your dream residence.

Ultimately, there are several steps that a homebuyer should take before he or she conducts a home search, including:

1. Perform Plenty of Housing Market Research

The housing market fluctuates regularly, and a buyer's market can change into a seller's market quickly. As such, you'll want to conduct sufficient real estate market research before you start your home search so you can streamline the process of finding the perfect house.

Consider where you want to live and whether you'd like to reside close to family members and friends. Also, consider how much space you'll need from a new home, along with whether you'd like to live near schools, playgrounds and other local hot spots.

Don't forget to check out the prices of a wide range of homes, either. By doing so, you may be able to determine the price range for houses that match your needs.

2. Get Pre-Approved for a Mortgage

With pre-approval for a mortgage, you'll know exactly what you can afford as soon as you're ready to buy a house.

Banks and credit unions frequently offer a vast array of home financing options, making it simple for you to choose a mortgage that fits your budget. Fixed- and adjustable-rate mortgages are among the most popular choices for homebuyers nationwide. Meanwhile, you may be eligible for Federal Housing Administration (FHA) or U.S. Department of Veterans Affairs (VA) loans as well.

Reach out to multiple banks and credit unions to pursue all of the home financing options at your disposal. This will enable you to find the best mortgage based on your individual needs and enter the housing market with financing in hand to secure your dream home.

3. Hire an Experienced Real Estate Agent

There is no reason to enter the housing market alone. Lucky for you, experienced real estate agents are happy to help you find the perfect house.

An experienced real estate agent understands the ins and outs of the housing market and will share his or her real estate expertise with you. This professional will educate you about the real estate market and ensure that you know what to look for when you attend an open house.

Also, an experienced real estate agent will guide you along the homebuying journey. From the moment you spot your dream home to the day you finalize a purchase agreement, your real estate agent will offer the support that you need to go from homebuyer to homeowner.

Perhaps best of all, an experienced real estate agent will help alleviate your homebuying concerns. And if you ever have homebuying questions, your real estate agent will provide responses at any time.

Don't settle for a subpar home – follow the aforementioned steps, and you can move closer to discovering your ideal residence.


Moving is tough for many reasons, from bidding on a house to packing up all your possessions stress is bound to happen. However, for children, it can be more stressful. Change can be harder for them to deal with and they can feel lost in the bustle of the move. There are a few things you can do for your child to ensure that the moving process goes smoothly for both them and you: Model behavior - Project a positive attitude about moving will demonstrate to your child that this is a positive event for them to look forward to, children pick up on the behavior of the adults in their lives and signaling to them that is a time they can anticipate with excitement with your behavior about moving can go a long way. Have conversations - Take the time to talk with your child about moving and what they can expect about a month before the move date. Be open to their thoughts and feelings and give them some space to feel upset. Explain the moving process to them in a simple way that they can understand, perhaps with a story played out with their toys. Ensure to not only tell them what will change but also what will stay the same. The more they know what to expect of the days leading up to and after the move the more comfortable they will feel with the process. Get them involved - If possible include them in the house hunting process by showing them pictures of the new house. If you are moving to a new town or state show them pictures of the school they will attend and the nearby parks. If it is nearby, explore the new neighborhood together and make visits to the new house a few times before moving day. Keep things similar - If your child doesn't deal well with change try to keep the same furniture and arrange in a similar layout as their old room. Prioritize having your child's room in order before the rest of the house so that they have their own space to feel comfortable in the new house right away. Unpacking their favorite toys or blankets first can help them feel more at home. Sticking to the same routines where possible is also ideal. On the other hand - Allowing your child to pick out new furniture and paint colors for their new room can help them get excited about the new move and give them some control amidst so many changes. Making friends - Practice with your child how to introduce themselves to other children. Get involved with the new community and allow your child to signup for any activities that interest them. Arrange times for phone calls or to write letters to friends and family from your old neighborhood so they feel in touch with those they care for. While moving can be a stressful time for the whole family, it can have a large impact on a child. Making time for conversations and including them in the process can not only help them feel more at ease with the moving process but also deepen your relationship with your child as you go through this life event together.


29 Brewster Rd, Medford, MA 02155

Rental

$2,800
Price

8
Rooms
4
Beds
1
Baths
Showings begin at group showing on Saturday, January 6 from 10-11. Amazing opportunity to rent an entire house in a fabulous location close to Rt. 93 and public transportation. Beautiful gleaming hardwood flooring throughout first floor with new bath and updated kitchen. Two bedrooms on first floor with two additional bedrooms on second floor. Closets for second floor bedrooms outside of bedrooms. All utilities are the responsibility of the tenant. Immediate occupancy available.
Open House
No scheduled Open Houses

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If you think your bathroom needs some major renovations, but you aren’t sure you can foot the bill for a full bathroom makeover, there’s good news. While a complete bathroom overhaul can be one of the most expensive projects in your home, little changes can make a big difference. Read on for tips on how to give your bathroom a boost without taking out a large loan or losing the use of your bathroom. 


Add Storage To Your Shower


Doing something as simple as adding shelving to your shower can make it stylish. There are many different inexpensive, easy to install corner shelves for the tub that not only add storage to the bath but make everything look neater and more attractive too. Some shelving even connects with the twist of a rod- no drilling required!


Add Some Art


Those souvenirs that you bring back from vacation don’t need to go to waste. Use them as art for your wall. You can use frames or shadow boxes to display some of your favorite memories from vacations past. Even fun pieces of art that you love can be a grand addition to any bathroom. Make the loo a peaceful little getaway! 


Change Up Your Shower Curtain


This sounds so simple but can make one of the biggest impacts on your bathroom. Your shower curtain brings a dramatic effect to your room because it is a focal point.


Put In Some Storage 


Your bathroom can become more functional if you add some storage to the room. If the bathroom appears less cluttered, you’ll have more room to store things and feel better about the room. Shelving is such an easy thing to put up and it adds a lot to a room. Shelves can even make the room look bigger! It’s simple to store things that you want to keep out of the way but need in reach.



Paint


There’s nothing that brightens up a room quite like paint. It’s the first thing that any interior decorating expert will tell a homeowner looking to bring a new vibe to their home. You don’t even have to paint every wall in the bathroom. Just an accent wall will do wonders. 


Add Plants


Nothing brings great feeling to a room like greenery. Plants bring oxygen to a room and make you feel happier when you’re in that space. Science has even proven it! There’s probably no more appropriate place in a home for plants than the bathroom. The moisture and warm environment is a favorable growing condition for many varieties.   

 





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