Finance

Self employed mortgage offered by money lenders

 The term self employed mortgage refers to the mortgages offered to the entrepreneurs who have no fixed income. Acquiring this type of mortgage is easy   than the regular mortgages. These unique mortgages are offered by the best Singapore money lender. The numbers of entrepreneurs in Singapore are growing and this community looks to be more important engine of nation’s economy. Thanks to the recession which has resulted in increasing numbers of self employed individuals around the country. Though the numbers of self employed category are increasing there is a flip side on this system as many self-employed individuals have lack of finance to run the enterprise smoothly with great consistency. In this unique context the system for self employed mortgage comes into the limelight where the concerned entrepreneurs can always avail self employed mortgage loans from the best Singapore licensed moneylender to make their business success without any cash crunch. A start up entrepreneur however experience he or she may be should know the basics of self employed mortgage before availing the same from the self employed mortgage Lenders. This unique type of mortgage is generally approved or issued by the self employed mortgage lenders to the new or old entrepreneurs without the conventional documents such as proof of income.

 

Facts about self employed mortgage

 

More often these self employed individuals find it hard to get self employed home Loan or any other loan for that matter since they cannot furnish the required documents to the money lenders as shown by the employed individuals. However these self employed individuals can able to get loan by showing the bank statements for the past six months, trade invoices, rental incomes as required by the money lenders. In addition proof of assets like stocks, saving bank account balances can be very handy for the entrepreneurs to claim their eligibility. The interest rates of these loans are similar to the Singapore lowest interest rate housing loan offered by banks. Entrepreneurs should understand the concept behind the self employed mortgage loans where the risk elements for the lenders to be considered higher than employed individuals. This is mainly due to the fact that employed individual can always show a permanent income to the money lenders. It is for this reason getting a self employed home loan looks to be a daunting task for many entrepreneurs. Hence it is the responsibility of the self employed individuals to convince the money lenders about their financial status through some documents like business bank statements, personal bank statements for the last one year. These documents will make the money lenders to convince themselves about the risk involved in lending the money for the mortgage to these entrepreneurs.