AWS Mortgages

  A contractor mortgage is like any other mortgage. But the underwriting process makes the difference between this mortgage and others. For example, a contractor mortgage based on a fixed-term contract can allow contractors to borrow significantly more than conventional mortgages. In contrast, conventional lenders limit small business owners' financing to a "salary plus dividend" formula. But some lenders use contract rate underwriting, which is a better contractor method. These underwriters "annualize" the contractor's day rate using contract rate underwriting. Using this gross figure, lenders and contractor mortgages brokers determine how much a contractor can borrow.  So if the lender is faced with anything other than the contractor's rate, it is unlikely that the contractor will get the mortgage amount they deserve. Here are the most important advantages of getting a contractor mortgage per contract rate and the ways to achieve it.  The Advant...

  Given the contractors' work nature, it is not easy to find a lender to understand their needs and circumstances. But most contractors or self-employed do not have a fixed income, and their payments change at different times. Therefore, traditional lenders are less interested in lending to contractors or have higher rates and conditions than the current market rate. Here are the best lenders who specialize in mortgages for contractors . However, these contractors are based on various indicators, including Loan-to-Value ratio, mortgage repayment period, required documents, the process of evaluation, underwriting and lending, closing costs, private mortgage insurance and other related costs. Acceptance of applicants, as well as feedback received from their former customers, are also categorized. However, it should also be noted that different lenders consider different rates and conditions for contractors based on the affordability of the applicants and the type of products th...

  Every year, more and more mortgage applications for contractors are submitted; because the population of contractors is increasing day by day, and they also have to take mortgages to meet their needs. In this regard, the use of brokers has several advantages, including the following: Review the goals and needs of contractors Take the necessary steps for contractors' mortgages Check the borrower's credit Estimate the amount of deposit Familiarity with lenders assessment formula Manage mortgage costs Market Search Awareness of market fluctuations Continuous communication with applicants at all stages Proof of contractors' affordability As mentioned above, mortgages for contractors face many complexities and challenges. Using the consulting services of a contractor broker can greatly reduce the stress and worries of contractors. AWS Mortgage specialist advisors have access to many lenders and help borrowers find a de...

  In addition to the benefits they bring, contracting jobs always present numerous challenges for contractors. One of the most important is the complexity and difficulty of getting a mortgage for contractors. Lenders are always looking for applicants with a fixed monthly salary to minimize  their risk. But contractors do not have a fixed income and have much trouble proving their real income. On the other hand, Lenders will require different criteria and additional evidence to assess their affordability. But this does not mean that they do not consider suitable conditions for contractors. There are still lenders in the market who meet the right conditions for contractors. Borrowers must have a good credit score, sufficient savings and a stable employment record to prove their income. Lenders' rates and conditions will vary depending on how familiar they are with the contractors' activities. Contractors should look for lenders who are friendly to the contractor and analyze ...