Being self-employed can be quite a decision, as it affects many aspects of your life. While it can give you a chance to be your own boss and make your own schedule, there are some aspects that you need to keep in mind, such as your own health insurance, retirement, and life insurance.

Can You Get a Mortgage While Self-Employed?

Some people feel confident about getting a mortgage even when self-employed. While it can be stressful, and you may not know who to turn to for help, it’s still ideal to get in touch with a professional and figure out what can work best for you.

There are some ways that you can get a mortgage when self-employed, and they can all be made possible with the right loan. Plenty of mortgage loans have fixed terms and requirements, so it’s ideal to find one that’s a little more flexible.

What Should Help with Getting a Mortgage?

While figuring out how to get a mortgage can be challenging for self-employed people, it’s best to note that there are plenty of things you can keep in mind to make the application process easier. Here’s what you need for your mortgage when self-employed:

Good Credit Score. There are many reasons you need a good credit score, and it will be necessary to help you get a mortgage. While it may be difficult to go from great to poor credit in a short amount of time, you can slowly work on it.

Clean Records. Debt and a questionable credit report can affect your mortgage application. In contrast, having a clean record can help you get approved for a mortgage and give you the chance to create a good reputation with potential lenders.

Cash Reserves. When you’re self-employed, you should have a stable income and cash reserves to make you a worthy borrower. Your loan will depend on the earnings that you have, so it’s better to have a steady amount of income coming in.

Large Down Payment. If possible, having a large down payment can be beneficial in helping you get a mortgage. It’s still necessary to pay off the rest with your monthly mortgage payments, but you can plan ahead on saving up more money after that.

Documentation. It’s better to have plenty of documentation that you can use to support your mortgage application. Always remember to organize everything as much as possible to ensure you’re ready for anything.

What Are the Downsides of a Mortgage While Self-Employed?

Mortgage payments can be hard to keep up with, depending on the terms. When you’re self-employed, there can be changes in your earnings at any time. This means you never know when you will earn a bit more or less. It’s best to ensure that you’re in a viable financial situation to make your mortgage payments on time.

What Are the Advantages of a Mortgage While Self-Employed?

There are plenty of different options for mortgages when self-employed. You may need to take a look at a few different things to figure out what will work for you in the best way possible. As long as you speak with a considerate mortgage professional and negotiate a flexible loan that works for you, you can become independent and get your dream home.

Your Experts at Mortgages by Misty

Getting a mortgage while self-employed involves a few steps so to make it happen, it’s best to learn more about the mortgage process and determine how to get a mortgage while self-employed.

Looking for mortgage loans in Arizona? Mortgages by Misty offers flexible mortgages for Tempe, AZ, so you can experience beautiful neighborhoods, sunny weather, excellent schools, and a booming job market. Get in touch with us today at (480) 618-5358!

Tempe is located just east of Phoenix and has about 167,000 residents and covers about 44 square miles. It’s also part of Maricopa County.

Tempe is often called “Tempe Town” or “Old Town Tempe”. It’s considered the most educated city in Arizona, which makes sense considering it’s home to Arizona State University.

There are plenty of things to love about living in Tempe. Tempe is located in the Sun Belt, which means you can expect year-round mild temperatures. Summers are hot, with the average temperature around 100 degrees, but it’s typically not humid. Winters are mild, and the average winter temperature is about 60 degrees.

Affordable Living and Job Opportunities

It’s no surprise that Tempe has a large, diverse population. It has attracted many different communities over the years, and it’s now considered one of the most diverse cities in the country. The city has made it a priority to be an inclusive society and community. People from all over the world live in Tempe.

You can still find affordable housing in Tempe, but it’s getting harder. The median home value is about $215,000, and the average mortgage is about $1500 per month. There are many options for apartments in Tempe, but you should expect to spend about $1000 per month on rent.

Tempe is home to many Fortune 500 companies, such as Amazon and GoDaddy. There are also many tech companies in the area. You can work in downtown Tempe or the neighboring cities of Phoenix and Scottsdale.

Arizona State University

Arizona State University is one of the largest universities in the country, and it’s probably the most famous college in the state. It opened its doors in 1885, and at the time, it was called the Tempe Normal School. The name was then changed to the Tempe Normal School for Teachers in 1899. It wasn’t until 1958 that it became Arizona State University.

Enjoy Easy Travels

Tempe is great for active travelers. The city is surrounded by hiking trails, although you need to be extra cautious because of the weather. Tempe is also great for bike riding. You can take a 30-minute bike ride through the city and stop at Mill Avenue.

The Tempe Town Lake has also become a popular destination. People of all ages enjoy fishing, paddling, and enjoying the various water activities along the lake.

Great Local Food and Drinks

You can’t go wrong in Tempe when you’re looking for great food and drinks. You’ll find many different bars, restaurants, and coffee shops along Mill Avenue.

If you’re looking for a fun night out, Mill Avenue is an excellent place. There are live music venues as well as bars and restaurants. Tempe has a lot to offer for residents and visitors alike.

Excellent Local Arts and Culture Scene

Tempe is home to a thriving arts and culture scene. They have a very diverse group of artists and musicians who often collaborate. They work together to create a welcoming and engaging community.

The Tempe Center for the Arts is a multi-faceted arts facility that offers a variety of programs for every age. They have a theater, galleries, studios, workshops, exhibitions, and more.

The Tempe Symphony is one of Phoenix’s oldest performing arts organizations, and they still produce many shows every year. They are an organization that is committed to growing and improving the arts in the city. There are many other organizations in Tempe, and they all work together to provide a thriving arts and culture scene.

The Bottom Line

Tempe is a fantastic place to live, and there are many things you can do there. The weather and affordable housing will have you hooked, and many people will agree with you. You’ll find many different things to enjoy and new adventures to experience.

If you are interested in buying a home in Arizona, we can help you! Mortgages by Misty is dedicated to helping you find your dream home in Arizona! If you are ready to move into your Tempe home with a flexible mortgage, Misty Garrison can help you choose the loan product that is right for you. Contact us today at (480) 618-5358 to learn more and get started!

What to Look For When Buying a Home

Choosing a house is, of course, a highly personal decision. As you consider the many elements of a property, assess their relevance to your demands and then choose which are negotiable and which are a deal-breaker. If you haven’t already, you should figure out how much house you can afford and what neighborhood and school district you want to reside in before you start looking at properties.

The top ten factors to consider when viewing properties are listed below.

1. House Size. When you’re looking at homes, think about the number of rooms you want and how much space you need. Consider how many bedrooms and bathrooms you need, including how many you’ll want in your future plans. Larger homes are typically more expensive, so you may want to consider a smaller house if you’re looking for a bargain. And if you’re planning to have kids, you may want to consider a house with extra space for a growing family.
2. Architecture/Style. This is not a deal-breaker for everyone, but for some buyers, the aesthetic quality of a house is important. Some homes just feel good and are architecturally pleasing to look at. You may like a colonial style, others a mid-century modern, and others something more contemporary.
3. Neighborhood. The area you live in can make a huge difference in the quality of your day-to-day life. You may want to live in a neighborhood that’s close to shopping, close to work, or close to family. If you’re thinking about raising a family, it’s important to be in a good school district.
4. Home Features. This is an important consideration. Things like a large kitchen, a deck, a finished basement, a heated swimming pool, a playhouse, or a detached garage are nice to have. And if you’re someone who enjoys entertaining, you may want a dining room or a backyard large enough to host a barbecue.
5. Condition. How old is the house, and what shape is it in? How old is the kitchen and the heating system? Is it in need of minor, major, or major remodeling?
6. Heating And Cooling Systems. If you live in a place where it can get very hot or very cold, it’s important to have a heating and cooling system that is up to par. It’s worth talking to a professional to make sure you know what you’re getting into.
7. Appliances. The appliances, such as the refrigerator, the oven, the dishwasher, and the stove, need to work well, and it’s a good idea to check them out before you buy.
8. Garage. A garage can come in handy if you have a car or need a place to store your lawn equipment. A 1-car garage can be a bit limiting, but a 2-car garage is ideal.
9. Basement. As a place to store things and hang out, the basement is a good feature. And if you don’t have one, you can always add one (and if you buy a house with a finished basement, you can use it as a bonus room).
10. Outdoor Spaces. This is another major consideration to think about when evaluating a house. How big is the yard? Is it fenced and gated? And is there a deck, a patio, a pool, or a hot tub the house has to offer?

Final Thoughts

Buying a house should be an exciting and rewarding experience. But it takes some preparation and some legwork to ensure it goes smoothly. However, paying heed to these ten things before purchasing can make a difference between a satisfying and regrettable home purchase.

Contact Misty Garrison Today!

Misty Garrison is a home loan expert whose passion is for helping first-time and repeat homebuyers make their dreams come true. If you are ready to enjoy a smooth, easy loan process, don’t hesitate to get in touch with Misty at (480) 618-5358 to schedule your consultation. Let’s get you into your Arizona home!