How to get a mortgage as a business owner?

As a business owner, you should be cognizant about how lenders will look at your income. This means eliminating some deductions that you might normally write off. It may not seem like the best idea at the time, but you’ll be thankful you did once you submit all your documents to your lenders.

Do you need a partnership agreement to get a mortgage?

Now, lenders actually require less paperwork from borrowers. The lenders doesn’t require borrowers to confirm that they can document quick access to income. So if you were in a situation where you had multiple business partners, the lenders would have required you to send in partnership agreements. This certainly isn’t the case anymore.

How to get a mortgage for a limited company?

Here are 6 tips for Limited company business owners that could make it quicker and easier for you to obtain a mortgage. Don’t leave the finance until last, with a little preparation and planning you could save yourself valuable time and money, not to mention some stress as well.

What happens when you get a mortgage for a small business?

When mortgage underwriters look at tax returns for proof of income, they see income after business expenses have been deducted, resulting in a much lower figure than what you actually take home. This will reduce the loan amount that the borrower can qualify for, or even result in rejection.

Who is the parent company of Lennar mortgage?

As a financial services subsidiary of Lennar Corporation [NYSE: LEN), the nation’s largest homebuilder, Lennar Mortgage has the unique opportunity to deliver the personal commitment and accountability of a local lender with the financial backing of a Fortune 500 company. See What Our Customers Are Saying…