With so many brand new condos for sale, it can be very tempting for you to wonder about buying a home for yourself instead ofpaying rent every month. After all, condos are popping up everywhere and they may have spiffy services in the building like a gym and a swimming pool.
However, if you’re planning to get a mortgage then you have a bit of an issue. Part of what mortgage lenders look for in prospective clients is a steady paycheck that will assure them that you have the money to make your monthly payments.
But as a freelancer, you don’t have the work stubs to show the bank. You aren’t really sure of how much you’re going to earn every month and that’s worrisome for mortgage lenders.
Still, you can buy yourself a home even if you’re a freelancer. Do any or all of the following:
So how much should you actually have in your bank account? The money should be enough to cover at least 20% of the price of the home for your down payment. You should then have enough left over for a 6-month emergency fundto cover the mortgage, your food and groceries, your utilities, and your health and home insurance.
If you haven’t had enough time as a freelancer, then you can spend at least 2 years planning what kind of house or condo to getwhile tightening up your spending along the way. As a freelancer, you really ought to cut down on frivolous purchases if you’re serious about buying a house in the near future.
As you can see, you can buy a house if you’re a freelancer. You just have to prove you’re not a risky proposition for lenders, then you can get the mortgage for the condo or home you want to buy.
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