Self-Employed? Here’s What You’ll Need to Get a Mortgage Approval

Self-Employed? Here's What You'll Need to Get a Mortgage ApprovalThere’s a lot of flexibility and personal freedom associated with self-employment that can be a great benefit to your lifestyle and your pocketbook. However, because of the somewhat unpredictable nature of self-employment, it can make acquiring a mortgage a little more difficult. If you’ve recently become self-employed or have been in the game for a while, here are some things you may want to consider before submitting your mortgage application.

Putting More Money Down

20% is often considered the magic number when it comes to the down payment because this will allow you to avoid homeowner’s insurance. However, if you’re self-employed, you may want to consider putting even more money down as this will more strongly signify to lenders that you’re prepared for home ownership and in control of your finances. While your down payment will provide you with equity instantly, a higher payment will also lower your monthly cost and make your finances even more secure from month to month.

Minimizing Your Debt

The amount of debt a potential homeowner has can adversely affect any mortgage application, but in the event you’re self-employed, a high debt load means even more money is being paid out of a salary that is not necessarily predictable. By paying off the debts you can before applying for your mortgage, you’ll be able to invest that much more of your hard-earned money into your monthly payment without breaking the bank and cutting monthly expenditures.

A History Of Self-Employment

Being self-employed means you’ll have more to prove to your lender, but if you have a spotty self-employment history and long periods without bringing in any income, this will make it even harder. Instead of jumping into the mortgage market soon after becoming self-employed, try and have at least two years of successful self-employment behind you. By being able to prove this, the lender will see that you’re a solid financial bet and an experienced professional who will be able to find work when it’s required.

The nature of being self-employed and the fluctuations in income that can come along with it can make a mortgage lender nervous. However, by having a solid history of self-employment behind you and minimizing your debt load, you’ll be able to prove to the lender that you’re serious about home ownership.

If you have further questions, I’m self-employed and have some tips and tricks to share.  Give me a call – J.P. Cook – 602-320-4253.

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42515 N 102nd Street Scottsdale, AZ 85262

$11,995,000
4 Beds
4.5 Baths
6,323 SqFt
Status Active
MLS # 6671527
Property Type Single Family Residence
Price Type --
Golf Membership included -First time on the market, completed in 2020. Sited in Desert Mountain's prestigious Saguaro Forest Canyon, this single-level soft contemporary masterpiece stands testament to thoughtful design philosophy and strategic placement. It redefines modern living to today's aesthetics. Designed by the renowned Architect Shelby Wilson, expertly built by Manship Homes, interior by Elizabeth Rosensteel and Landscape by David Creech of CF Design - every aspect of this home exudes sophistication, casual elegance and unparalleled craftsmanship. As you approach, the subtle grandeur of the 2.49 acre property is immediately evident by the exterior design: sublime earth colors, bouldering landscape design with curved zinc address signage, dark charcoal pavers and path, stucco, stack stone accents and walls, double row zinc metal facia and large picture windows with metal beamed headers. The strategic placement of the elevated home offers views that stretch unbroken from above the Chiricahua Clubhouse to the eastern sunrise to the northwestern horizon, in between capturing the beauty of colorful mountains, sprawling golf courses, city lights and breathtaking desert landscapes. It's a visual symphony that evolves with the shifting light of day, culminating in mesmerizing sunsets and twinkling city lights. Step under the curved zinc facia entrance beyond the impressive 4 front door with linear metal inserts and matching side walls and you're greeted by an oasis of tranquility. The interior courtyard, encased in telescoping glass doors, draws the eye through the heart of the home to the outdoor space where the circular pool with two beach entries transforms into a semi Olympic, negative edge lap pool with twin deep end swim out seats seamlessly merging with the unlimited sunny skies. It's a moment of pure awe-inspiring beauty. The soft contemporary design embraces a sophisticated high-end minimalistic approach with balanced symmetry and dimensional variations of right angles, circles, rectangles and squares - defined by single-level livability, whole house heated floors, continuous style interior/exterior porcelain tile, 6 base tile with 5/8 reveals and modern interior pocketed doors. The spacious picture windows, multitude of skylights and open sky central courtyard turn the captivating desert landscape into a living work of art. Inside, the functionality and serenity of the single-level, great room, split floor plan become apparent. Guest ensuites or offices, positioned towards the hillside, seamlessly merge with the living areas that open to the vast outdoors. The central courtyard, with its circular stone layout invites natural light and is complemented by pipe art, evergreen shrubs, river rock and a soothing boulder water feature. Great room living beckons with the cherry planked 14' ceilings, five metal beams and a 6' X 10' skylight that highlights the 6' X 10' cactus and river rock floor inset below. The eight 14' X 5' stacking and pocketing glass wall system erases the distinction of inside and outside. The linear fireplace with stone bamboo wall and rectangular peninsula chimney further elevates the ambiance. The kitchen, a showpiece of streamlined design, boasts a 12' X 4.5' island with backlit resin front and bar seating, cherry cabinets, quartz counters, high-end Wolf, Bosch, and Sub Zero appliances and a spacious walk-in pantry with counter space. A dropped, framed and illuminated ceiling canopy detail adds softness and interest. The three stacking glass doors open to outdoor grilling, peaceful Alfresco dining with inlaid flush mount ceiling heaters and spacious artificial turf areas to enjoy by the pool. Adjacent to the kitchen, culinary delights are enjoyed in the circular dining space with booth seating, round glass table, built in backlit resin servers and recessed ceiling detail with cove lighting. Balancing the living spaces, the bar located on the west side of the great room ensures relaxation and intimate conversation with counter seating, mounted TV, backlit resin cabinet and temperature controlled wine room with back display access. The matching three-paned glass doors and dropped, framed and illuminated ceiling canopy detail mirrors the kitchen, balancing the design. The primary ensuite, a haven of refinement, offers dropped subtle lit cove ceiling detail, a cherry wood wall with metal inserts, and a floor to ceiling bamboo stone linear fireplace. The luxury bath features double floating vanities, a two-sided shower and an open designer closet with abundant storage. The office or second ensuite provides symmetrical workspaces with coffered ceiling detail, while two additional guest ensuites showcase thoughtful style and privacy with picture windows, lighted cove ceilings, floating vanities, floor level walk-in showers, full closets and banks of drawers. For those who appreciate the finer things in life, the residence boasts a comprehensive laundry room with plenty of storage cabinets and counter space, and three garage spaces designed to accommodate the needs of car enthusiasts. The first class resort style outdoor space with inground speakers, provides full time indoor/outdoor living. Spacious covered patios entice conversation or quiet times. The pool calls for sunning or swimming laps in sheer luxury. Star gaze from the built-in linear firepit with two-sided seating and inlaid flush mount ceiling heaters. This living sanctuary is flawlessly designed for today's illuminated lifestyle, complemented by the proximity to the Chiricahua Clubhouse, Constantino and Angelos restaurants. Beyond the confines of the home, Desert Mountain beckons with its unparalleled amenities, including seven golf courses, seven clubhouses and twenty miles of private hiking trails. In summary, this Desert Mountain masterpiece represents the pinnacle of contemporary living, where every detail has been carefully curated to create an environment that is as functional as it is beautiful - a true testament to the art of modern living in the heart of the desert. This home is being sold with a golf membership and all furniture and art with minimal exclusions.

8020 N 64th Place Paradise Valley, AZ 85253

$11,988,000
6 Beds
6.5 Baths
7,860 SqFt
Status Active
MLS # 6691272
Property Type Single Family Residence
Price Type --
Stunning new construction by Patterson Homes set to be completed in Q2 24'. Spanning nearly 7,900sf this exquisite property includes a 619sf casita & a spacious pool cabana complete with an oversized TV wall & outdoor kitchen. The design offers expansive covered patios with breathtaking mountain views & a luxurious resort-style pool. The thoughtfully designed floor plan features a true split layout with a lavish primary suite that includes a grand bathroom & a generous closet space. The guest wing features 4 ensuite bedrooms complete with a large flex space which includes a full bar with a view of the pool area accessible through a large pass-through window making it an ideal spot for entertaining. For detailed specifications & more information, please reach out to the listing agent.

21487 N 110th Place Scottsdale, AZ 85255

$11,950,000
4 Beds
5 Baths
8,889 SqFt
Status Active
MLS # 6645881
Property Type Single Family Residence
Price Type --
This timeless Modern Mediterranean estate is located on a quiet cul-de-sac in the heart of Silverleaf's prestigious Upper Canyon. Captivating views are found in every room, capitalizing on its 2250' elevation and unique mountain setting. This grand residence is the ideal size encompassing 8,889 square feet of indoor livable space in addition to sprawling outdoor living areas. The superb interior styling, orchestrated by Donna Vallone of Vallone Design, creates the perfect blend of casual luxury with a sophisticated modern edge. The house was designed by architect Luis Antonio Bonilla owner of the Antigua Home Designs. The main level living offers a large Primary retreat with spa-like bathroom, a private guest suite, luxurious office, spacious living room with bar area, grand soaring ceilings and pocket doors seamlessly blending the indoor and outdoor. The second-floor features two oversized guest suites. This estate home was built to the highest standard of quality and detail by Argue Custom Homes. Quality finishes throughout include the gourmet kitchen with Wolf/Subzero appliances, wide plank wood flooring, crown moldings and custom ceiling detail, extensive home automation system, back lit wine wall and private Office. Outdoor living spaces include a large covered rear patio in addition to two separate ramadas, a BBQ center, heated pool/spa and extensive turf. The immaculate and spacious 4 car garage including a custom show garage is yet another highlight. This home is a rare find in the neighborhood due to its combination of size, styling and views. Silverleaf is a renowned master-planned community known for its award-winning golf club, guard-gated privacy, dramatic classic architecture, proximity to the McDowell Mountains, and access to nearby schools, shopping, and dining. Silverleaf, located in North Scottsdale, Arizona, is a prestigious guard gated community known for its luxurious estates, exclusive golf courses, private Club and stunning desert landscapes. The Tom Weiskopf-designed Silverleaf Golf Course is a highlight for golf enthusiasts. With a blend of Spanish and Mediterranean-inspired architecture, the community offers a high standard of living, including upscale amenities like spas, fine dining, and exclusive shopping. Residents enjoy a harmonious balance between modern luxury and the natural beauty of the desert environment, making Silverleaf a sought-after destination for those seeking an exceptional lifestyle in North Scottsdale.

6525 E Bluebird Lane Paradise Valley, AZ 85253

$11,900,000
5 Beds
6 Baths
7,870 SqFt
Status Active
MLS # 6613083
Property Type Single Family Residence
Price Type --
This estate is is Lot II of III in the Bird Street Estates. Situated on over an acre, this estate epitomizes opulence and grandeur. As you step foot into this estate, you will immediately be captivated by its unparalleled architectural scale. This two-story marvel has been elevated to capture the breathtaking views of Mummy Mountain. Every element of its orientation and site design has been meticulously crafted to ensure that these awe-inspiring vistas are visible from every angle within the property. The essence of indoor-outdoor living is masterfully accentuated by a linear design expression, seamlessly blending the interior with the exterior. This residence boasts expansive indoor-outdoor living areas and is equipped with first-class amenities that cater to the most discerning tastes. An outdoor bar, a zero-edge pool, large covered patios, and a spacious grass lawn provide the perfect backdrop for unwinding and entertaining amidst the desert's natural splendor.

20715 N 103rd Place Scottsdale, AZ 85255

$11,900,000
5 Beds
7 Baths
12,797 SqFt
Status Active
MLS # 6626124
Property Type Single Family Residence
Price Type --
Impeccable Modern Mediterranean Estate in Silverleaf! Built by Salcito Custom Homes and designed by world renowned architect Dale Gardon this private gated estate offers unrivaled quality. Enter through the 13-foot glass and iron door to reveal 22-foot ceilings, exquisite chandeliers, marble floors and just under 13,000 square feet of modern Mediterranean living. Boasting 5 bedrooms and 7 bathrooms, this exceptional and gracious estate is meticulously crafted with the highest quality materials and professionally maintained, delivering both luxury and comfort. The second floor Principal Suite is a revelation, encompassing a luxuriously large bedroom, dual walk-in closets and separate bathrooms, a sauna, and a whimsically beautiful shoe boutique! Dale Gardon has crafted conceptual ... plan options to include a Principal Suite on the main level. A sophisticated yet welcoming floor plan provides for relaxed living or sumptuous entertaining with a chef's kitchen, lovely breakfast nook, glamorous formal living, and dining rooms. The media / game room has Swarovski Crystal curtains, built in wine fridge, solid wood floors, silver leaf inlaid ceiling and a fireplace, all designed with unsurpassed attention to detail. There is a Fendi inspired detached 2,700 square foot guest home featuring a beautifully designed private spa, state of the art exercise room, outdoor shower, putting green and multiple patios. Other thoughtful amenities located throughout this magnificent nearly 2-acre estate include custom cabinetry, 2 laundry facilities, elevator, wine room, 8 fireplaces, formal European gardens, heated pool, gated auto court with six climate-controlled auto garages and an electric vehicle charging station, fully equipped barbeque pavilions and phenomenal views of the McDowell Mountains and Silverleaf golf course. Don't miss out on this opportunity to make this home your own!

5939 E Quartz Mountain Road Paradise Valley, AZ 85253

$11,900,000
5 Beds
8 Baths
8,320 SqFt
Status Active
MLS # 6629682
Property Type Single Family Residence
Price Type --
Spectacular views, nestled in nature, this hillside home w/ a Private detached Guest house below offers peace and tranquility on the highest point of prestigious Hummingbird Lane. it features Floor to ceiling glass & expansive window walls thru-out on a single level . Premium quality construction & finishes: Double wall design w/15'' thick steel & concrete exterior walls + int. framing, the latest tech-engineering propelled the design. Wired for full automation; Hi-speed Tesla chargers in His & Her garages. Landscape near completion w/ a 50ft. circular Entry court that allows Parking for 6+ cars. 2 separate Pave-stone drives. Main home is 5600 sq.ft. and a private year-round Guest home of 2700 sq.ft. gives a multitude of options. Private pool at the Guest house a full sub-zero kitchn. Quiet sophistication is the theme of the home. The Views capture Mummy Mnt,.to the South and panoramic vistas to the North w/ a private Desert garden that provides a nature trail for access to Hummingbird Lane. A very special MM-Park view lot is double deep and fronts on Quartz mnt. on the North and ascends to Hummingbird Lane on the South for perfect sunrise & sunset walks. The guest house was designed for parents or family use w/ all the amenities of a SFR home. Separate Dining room/ family/Living room & breakfast area. Currently has a spacious 2 car garage, but home could be reconfigured for more garages or anything to suit the needs of a buyer who appreciates the finest Hillside/North views in PV. on a very special lot. $ Million+ Boulder Formation & landscape package w/ mature-select Ironwood & desert trees; the setting & location.....is a must see to appreciate.

6135 N 51st Place Paradise Valley, AZ 85253

$11,799,000
7 Beds
7.5 Baths
6,929 SqFt
Status Active
MLS # 6678249
Property Type Single Family Residence
Price Type --
Currently under construction for a December 2024 completion date is a sophisticated architectural gem by world renowned interior designer Erinn V, in collaboration with PHX Architecture. This spectacular, one-of-a-kind property sits in one of the most desirable areas of Paradise Valley boasting majestic views of Camelback, Mummy and Phoenix Mountain Preserve. Tall ceilings, walls of glass with charm and character depicting an architecture contemporary design with a mid-century influence. This is not your typical plain white box new-build. The original residence was an architecturally noteworthy home, designed by William Cartmell as his private residence in 1964. With respect to the historical significance and design, meticulous thought has been taken to rebuild and capture the core essence of the original character and architecture, making it a truly unique property. Features of the property include design and finishes with quality and substance for a discerning eye. Materials include limestone slab walls, white oak floors, wood ceilings, walnut millwork throughout, Kallista plumbing fixtures and Baldwin hardware. The gated property will also include a gated front courtyard, heated pool and spa, outdoor fireplace and two built-in BBQs. Main house will be 4965 square feet with 4 bedrooms, 4.5 baths, private office and 4-car garage with windows showcasing mountain views. The great room with stunning walls of glass overlooking Camelback Mountain will be open to the formal dining room and adjacent den with tranquil garden and pool views. The Chef's kitchen with luxury appliances will have large sliding glass doors opening the kitchen to a garden with majestic Camelback views. The Owner's suite w/fireplace will feature a Zen Garden plus private garden for added relaxation, 2 walk-in closets and a 2nd laundry room. The impressive 1964 square foot Guest House will have 3 bedrooms, 3.5 bath baths, laundry room, full kitchen, great room and outdoor BBQ adjacent to the pool/spa. Perfect for entertaining and family guests. More about the designer: Erinn Valencich is an award-winning interior designer and real estate developer. Her firm, Erinn V Design Group has designed luxury residential and hospitality projects around the country for over 20 years. The granddaughter of a contractor-turned-fine-cabinetmaker and daughter of an architect who studied directly with Frank Lloyd Wright, she has a passion for transforming the average into the extraordinary. Erinn's luxury properties are regularly featured in Forbes, Architectural Digest, Elle Decor, New York Times and many more. Her portfolio boasts luxury residential projects from New York to Napa, ocean front villas in Mexico, to Las Vegas hotels and chic Los Angeles restaurants and record-breaking estates from the Sunset Strip to Montecito and beyond.

8302 N Mockingbird Lane Paradise Valley, AZ 85253

$11,500,000
6 Beds
7 Baths
8,151 SqFt
Status Active
MLS # 6632749
Property Type Single Family Residence
Price Type --
This brand new desert contemporary home is brought by luxury developer Aspen Dev Co and checks all the boxes! The 8,151SF home includes 6 en-suite bedrooms including a separate 1bd room apartment, office, media/theatre room, guest den (or kids playroom), mudroom, exercise room with infrared sauna, open concept kitchen/living/dining area including linear fireplace, laundry room with dry-cleaning/steamer appliance and agitating sink. Appliances are Sub-Z and Wolf and a large separate pantry has an additional dishwasher, fridge/freezer, and tons of storage space. The 4 car garage includes electric vehicle hook-up and a dog wash station. Solar panel compatibility is available for future. The breathtaking interior courtyard floods the entire home with natural light. Equally well planned is the outdoor entertaining areas with a large pool (with automatic cover), spa, outdoor shower, sunken fit pit with seating, outdoor kitchen with 42 Wolf grill and Green Egg and inviting dining areas. Full tennis court with pickle ball markings, as well. No detail has been overlooked or left out! Come see this light-filled contemporary home!

4644 E Indian Bend Road Paradise Valley, AZ 85253

$11,500,000
5 Beds
5.5 Baths
7,299 SqFt
Status Active
MLS # 6660544
Property Type Single Family Residence
Price Type --
Currently under construction with an anticipated completion date in Q2 of 2024 - Experience unmatched elegance in this Patterson Homes estate, with 7,299 square feet of modern living on a flat acre. Featuring 5 en-suite bedrooms, a luxurious half bath, an office with fabulous mountain views, a state-of-the-art theater, a large secondary kitchen, and a home gym with views of the resort-like yard, complete with sun deck, raised spa, play pool, lap pool, and bocce court. The 4-car garage and expansive indoor/outdoor living areas offer majestic Mummy Mountain views. Every detail reflects the pinnacle of design, luxury, and modern living. Additional details available upon request.

4829 E Orchid Lane Paradise Valley, AZ 85253

$11,500,000
4 Beds
7 Baths
8,348 SqFt
Status Active
MLS # 6676740
Property Type Single Family Residence
Price Type --
Views! Views! Views! This home is located on an elevated lot at the end of the cul-de-sac on one of the most beautiful streets in Paradise Valley! 360-degree views with different mountains out of almost every room in the house. No details were spared to create this amazing oasis in the desert. Souring 18-foot coffered ceilings in both the great room and adjacent game room both with huge exterior pocket doors making your indoor and outdoor areas become one! Chef's kitchen, butler's pantry, gorgeous views of the McDowell Mountains from the office and formal dining room. Huge gym with exterior pocket doors opening the entire wall providing stunning views of Mummy Mountain! The Master Bedroom has unmatched views of the Phoenix Mountain Reserves. Huge his and hers closets and a spa like Master Bath including dual water closets, steam shower, 11-piece shower set, the list goes on and on! Step into your resort like back yard and you will be surrounded by mountain views in every direction. A huge pool and spa with attached sunken firepit. At the end of the pool is an outdoor dining/lounging area with stunning stone water feature and 360-degree mountain views! This is a one-of-a-kind property. Homes with this level of quality, detail, privacy and views rarely come on the market. Construction is scheduled to be completed by June of 2024.

8185 E Alameda Road Scottsdale, AZ 85255

$11,500,000
5 Beds
11 Baths
5,950 SqFt
Status Active
MLS # 6593970
Property Type Single Family Residence
Price Type --
Boasting nearly 10 acres of land, this gated estate includes a stunning Spanish-style main house, a full equestrian facility, an entertainment pavilion with attached theater, 2 standalone casitas, 2 staff apartments & a 1200 sqft multi-use building. The 5,950 sqft main home was renovated in 2021. Vaulted, wood beamed ceilings, engineered hardwood floors & statement luxury light fixtures through-out the home. The primary suite presents a seating area, balcony & spa worthy ensuite. The backyard has an outdoor kitchen, a heated pool, spa & putting green. The 5,000-SF, entertainment pavilion has a game room, full bar, kitchen, gym, yoga studio & 3rd-level deck with 360º mountain and city views. The equestrian facility encompasses 15 stalls, 2 arenas, 3 turnouts & 2 RV parking.

7525 N Shadow Mountain Road Paradise Valley, AZ 85253

$11,200,000
4 Beds
5 Baths
7,380 SqFt
Status Active
MLS # 6691460
Property Type Single Family Residence
Price Type --
Step into a realm of refined French Mediterranean architectural grace! This extraordinary estate has undergone a tasteful rejuvenation in 2023, seamlessly blending antique European architectural elements for enduring allure. Spanning over 7300 square feet, this home boasts an array of amenities, including four bedrooms, five bathrooms, an office, billiards room, craft room, roof deck, and a three-car garage with ample guest parking. Explore the enchanting grounds, featuring four distinct courtyards, a vegetable and herb garden, eight fireplaces, a fire pit, private heated pool, and a wine cellar capable of housing up to 5000 bottles. Satisfy your culinary desires in the impeccably designed kitchen, outfitted with top-of-the-line Wolf appliances, such as a six-burner plus griddle, double oven range, steam oven, and Sub-Zero refrigerator and freezer. Elevate your mornings with the Miele in-wall espresso system and coffee cup warming drawer in the dedicated coffee station.Adjacent to the kitchen, the butler's pantry awaits to streamline your entertaining endeavors, conveniently located between the kitchen and dining area. Enjoy gatherings in the formal dining room, graced with elegant features, including a private courtyard view and seamless access to the wine cellar. Retreat to the sanctuary of the primary suite and revel in the breathtaking views of the lush grounds, private patio, and charming bench window nook. Indulge in a luxurious oasis within the primary bathroom, boasting a spacious walk-in shower, standalone tub, double vanities, and separate closets offering ample storage space. A spacious living room beckons for gatherings, while a billiards room offers leisure and enjoyment. Two inviting bedrooms, each with walk-in closets and scenic mountain views, complete the picture of comfort. From the Venetian plaster walls to the rough-hewn ceiling beams, every corner of this home exudes timeless elegance. Adorned with a Redlands 5-tone clay tile roof featuring exquisite detail and custom European millwork throughout, the exterior radiates charm. Welcome to a residence where luxury meets artistry, and every moment is infused with sophistication and comfort.

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