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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41521 N 75th Place Cave Creek, AZ 85331

$10,500,000
4 Beds
5 Baths
7,250 SqFt
Status Active
MLS # 6652910
Property Type Single Family Residence
Price Type --
The Six Shooter residence seamlessly floats in harmony with the natural landscape through carefully selected rustic materials, such as rubble stone, concrete and raw steel. Perched high on the gentle hillside, this home offers panoramic views and ultimate privacy amidst ancient saguaros. The lower 7-car show garage not only serves as a focal point, but elevates the home even higher, transcending the hillside for commanding views. The great room is an open-concept space that seamlessly connects the front terraces with mountain vistas unfolding before you. The private primary suite, strategically hovering above the desert, offers utmost seclusion and astonishing views. The guest wing and lounge open up to the pool and terrace area, creating an oasis for relaxation and social gatherings. A private detached casita is accessed by a small bridge hovering the desert floor, ensuring an enchanting guest experience. In this home, every detail has been meticulously crafted to provide a sophisticated and harmonious living experience. Welcome to Continental Mountain Estates, where modern luxury meets the Old West.

8302 N Mockingbird Lane Paradise Valley, AZ 85253

$10,500,000
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!

4420 E Clearwater Parkway Paradise Valley, AZ 85253

$10,500,000
5 Beds
6 Baths
8,800 SqFt
Status Active
MLS # 6647471
Property Type Single Family Residence
Price Type --
PLANS ARE COMPLETE AND PERMITTED...READY TO START BUILDING NOW!! Modern gem in gated Clearwater Hills on a NON HILLSIDE 1.32 acre lot with spectacular views of Camelback Mountain. Enjoy amazing indoor and outdoor living. Award winning architect Kendle Design, interior designer Dwelling Design and landscape architect Greey Pickett culminated in a masterpiece. Fall in love with the spectacular walls of glass framing the Sonoran desert. Choose your own finishes to your exacting needs or have the home completed with the extraordinary fit and finish completed by the expert design team... all the hard work is done!!! Also available for sale as a lot with permitted plans - MLS # 6647428

11199 E Saguaro Canyon Trail Scottsdale, AZ 85255

$10,500,000
4 Beds
6 Baths
7,794 SqFt
Status Active
MLS # 6668604
Property Type Single Family Residence
Price Type --
WELCOME TO SCOTTSDALE'S MOST EXCLUSIVE GUARD GATED COMMUNITY OF SILVERLEAF! THIS EXQUISITE CUSTOM ESTATE IS SITUATED HILLSIDE IN SILVERLEAF'S UPPER CANYON ON A PRIVATE LOT BACKING UP TO THE MCDOWELL SONORAN PRESERVE BOASTING PANORAMIC CITY LIGHT & MOUNTAIN VIEWS FROM EVERY ROOM IN THE HOME. ENTER YOUR NEW HOME VIA A TREE LINED GATED DRIVEWAY INTO THE EXPANSIVE MOTOR COURT AND ENJOY THE FABULOUS ARIZONA SUNSETS FROM ONE OF THE MANY FINELY MANICURED GARDENS OR SITTING AREAS APPOINTED WITH DELECTABLE SCENTED ROSE BUSHES, FOUNTAINS & FIRE PITS. STEP INTO A WORLD OF GRANDEUR WITH DETAILED SOARING CEILINGS AND AN ABUNDANCE OF NATURAL LIGHT. THIS MAGNIFICENT LIGHT & BRIGHT OPEN FLOOR PLAN BOASTS 7,794 SQUARE FEET. THIS SINGLE-STORY ESTATE EPITOMIZES LUXURY LIVING AT ITS FINEST. DESIGNED WITH AN EYE FOR ELEGANCE AND A TOUCH OF TIMELESS SOPHISTICATION, THIS PROPERTY STANDS AS A MASTERPIECE OF ARCHITECTURAL OPULENCE AND REFINED TASTE. FEATURING 4 EN-SUITE BEDROOMS, 6 BATHROOMS, FORMAL LIVING & DINING, HIS & HER OFFICES, BONUS ROOM WITH WET BAR, EXERCISE ROOM, A QUAINT LIBRARY WITH TIMELESS WOOD FLOORS, RICH WOOD BUILT-IN BOOKSHELVES A COZY FIREPLACE AND A 4 CAR AIR-CONDITIONED GARAGE EQUIPPED WITH CAR LIFTS EXPANDING THE CAPACITY TO 6 CARS, NEW GARAGE DOORS, EXPOXY FLOORING AND A PRIVATELY SECURED MAN-CAVE. THE INTERIOR IS APPOINTED WITH THE FINEST OF FINISHES FROM ITS CANTERA STONE PILLARS & FIREPLACE SURROUNDS TO THE HAND CARVED WOOD CABINETRY. THE GOURMET CHEF'S KITCHEN IS A CULINARY HAVEN WITH STATE-OF-THE-ART APPLIANCES, 2 DISHWASHERS, WARMING DRAWER, QUARTZ COUNTERTOPS, MIELE COFFEE MAKER AND A GENEROUS ISLAND CREATING THE PERFECT SETTING FOR INTIMATE DINNERS OR GRAND GATHERINGS. THE WALK-IN PANTRY IS DESIGNED TO STORE ALL YOUR FOOD ITEMS AS WELL AS DISHES AND FINE CHINA. IMPRESS YOUR GUESTS WITH THE ELEGANT SPACIOUS FORMAL DINING ROOM WHERE THEY WILL ENJOY MOUNTAIN & CITY LIGHT VIEWS THAT WILL CERTAINLY ENHANCE THEIR DINING EXPERIENCE! THE LENGTHY ART GALLERY HALLWAYS ARE PERFECT FOR DISPLAYING YOUR MOST FAVORED ART PIECES. THE MASTER RETREAT IS ANY OWNER'S DREAM WITH A COZY FIREPLACE, HIS/HERS WALK-IN CLOSETS W/LAUNDRY, AND A PRIVATE WORK-OUT OR YOGA ROOM. THE MASTER BATH RIVALS ANY 5 STAR RESORT WITH HIS & HER WATER CLOSETS, STEAM SHOWER & LARGE SOAKING JACUZZI TUB WITH SERENE CITY LIGHT VIEWS. LIVE OUTDOORS IN THIS RESORT STYLE BACKYARD WHERE YOU CAN IMMERSE YOURSELF IN THE TRANQUILITY OF THE PRISTINE & LUSHLY LANDSCAPED GARDENS, MULTIPLE FIRE FEATURES, PUTTING GREEN, INVITING HEATED POOL & SPA WITH A GROTTO WATERFALL, RAMADA WITH ANOTHER FIREPLACE & OUTDOOR KITCHEN AND THE MOST AMAZING SUNSETS! THIS RARE OPPORTUNITY IS A MUST SEE AND IS IDEALLY LOCATED TO SHOPPING, DINING AND THE 101 FREEWAY.

6512 E Hummingbird Lane Paradise Valley, AZ 85253

$10,400,000
4 Beds
5 Baths
6,990 SqFt
Status Active
MLS # 6652037
Property Type Single Family Residence
Price Type --
This magnificent Paradise Valley estate takes its inspiration from traditional Mediterranean style while celebrating the clean lines and open floor plan of a modern design. The unrivaled design includes a grand light well connecting the main level to a lower living space featuring a theater, lounge, and custom handcrafted bar. As you enter the estate, a welcoming courtyard for guest parking will lead to the grand entrance. A secondary secluded auto court and 4 car garage is situated at the back west end of the property. Indulge in a private backyard oasis offering ultimate privacy and a state-of-the-art indoor-outdoor kitchen. The 64 feet lap pool and spa is perfectly situated for entertainment and enriches the design coupled with a large lawn including a sports court and room for furry friends. With defined custom home knowledge alongside a tradition of quality and attention to detail, BedBrock has successfully developed luxury communities that have exceeded expectations for value and quality across the Valley. The award-winning team offers a seamless design-build process in-house. Renderings are made for illustration purposes only. Changes to the renderings and the plans are subject to change.

5629 N 69th Place Paradise Valley, AZ 85253

$10,250,000
5 Beds
8 Baths
7,669 SqFt
Status Active
MLS # 6606118
Property Type Single Family Residence
Price Type --
Ready for June move in! New custom luxury construction from DNP Homes with every detail considered. Fully automated Crestron system with security cameras, indoor / outdoor speakers, lighting, recessing blinds, automated entry gate. The coastal design is light, bright, and inviting with a vaulted great room, office, and detached casita. The use of timeless materials inside and out include natural limestone, marble, and quartzite with wide plank European hardwood flooring and designer finishes including Gessi, Brizo, Blue Star, Sub Zero, and Wolf. Full A/V package is included! One-of-a-kind sunken pickleball stadium. 55' Zero edge pool with integrated spa and two Baja shelves. Classic lush landscaping, with extensive use of hedging, roses, and natural grass across the 1.1-acre lot. Paradise Valley, Arizona, is a charming town renowned for its exclusive estates, luxury resorts, and stunning desert vistas, framed by Camelback Mountain and Mummy Mountain. Just minutes from Phoenix, the town offers a refined lifestyle with opulent homes, upscale retreats, golf courses, and spa resorts. Strict zoning regulations underscore Paradise Valley's commitment to preserving its natural beauty, creating a harmonious blend of sophistication and the Sonoran Desert environment. This idyllic oasis stands as a testament to the town's unique fusion of luxury living and breathtaking landscapes.

8311 N 53rd Street Paradise Valley, AZ 85253

$10,250,000
6 Beds
7 Baths
7,607 SqFt
Status Active
MLS # 6700989
Property Type Single Family Residence
Price Type --
This beautiful transitional style 7,607 sq ft home built in 2020 has it all! Dominant MOUNTAIN VIEWS, 6 BEDROOMS including a full GUEST HOUSE, 5 CAR GARAGE, A LARGE GRASS YARD, resort style pool + spa with SWIM-UP BAR w/ outdoor kitchen area. The 965 ft detached guest house also has a full kitchen + living rm with accordion doors that open to the outdoors. The charming main house is very light with glass walls, white oak floors thru-out, plus a 570 bottle glass wine wall in the dining rm. The chef's kitchen is open to the family rm + is adjacent to a fabulous game room with a long entertainment bar. The elegant primary suite features an outdoor shower, gym, dual closets and white marble bathroom. Experience seamless indoor-outdoor living in this inviting oasis!

9108 E Grapevine Pass -- Scottsdale, AZ 85262

$10,000,000
5 Beds
6.5 Baths
7,945 SqFt
Status Active
MLS # 6628320
Property Type Single Family Residence
Price Type --
FULL GOLF MEMBERSHIP AVAILABLE TO BUYER AND READY TO TRANSFER UPON APPROVAL FROM DESERT MOUNTAIN CLUB AND A SUCCESSFUL CLOSE OF LAND AND HOME BUILD CONTRACT. Sexy, sleek contemporary encapsulating modern luxury with the natural surrounding beauty of the Sonoran Desert and private 25 Acres. Nestled at the end of a winding road, perched into the hillside where the horizon paints an exquisite blend of colors during the sunrise and sunset. Featuring elements of stone, glass and wood this home will come together harmoniously to create an elegant symphony of textures and forms. The heart of the home is a great room space / open kitchen with floor to ceiling windows that will capture the panoramic vistas, inviting the outside in. The patio spaces an extension of the home's grace, boasting an infinity-edge pool that will seemingly blended with the horizon, bar/bbq along with dining area for al fresco meals, and a fire pit where stories will be shared under the starlit skies. This floorplan allows for 100% single level living with main floor featuring split primary bedroom, two private guest en-suites, wine room, study and 5 car garage. Lower level encompasses a large game /bonus room and two private en-suites. Perfect for a couple or entertaining groups of family and friends this 7945 square foot 5 bedroom, 5 car garage home with a total of 14,320 square feet under roof is waiting for you. Black Stone Development and designer Graffin Design have successfully designed and built over 55 properties in Desert Mountain. Ground breaking can occur in as little as 2 to 3 months. Lifts can be added in garage for additional car storage.

5226 E Desert Vista Road Paradise Valley, AZ 85253

$9,999,888
5 Beds
5.5 Baths
8,137 SqFt
Status Active
MLS # 6653185
Property Type Single Family Residence
Price Type --
This Designer owned estate with incredible views of Mummy Mountain, the Phoenix Mountain Preserve & walking distance to Paradise Valley Country Club boasts timeless elegance by Mark Candelaria. The impeccably decorated home offers world class finishes including: checkered marble floors, beautiful coffered ceilings, wainscoting, and many intricate details you must see in person! The property features a Main House with 4 Ensuite bedrooms and an office; and the Detached Guest House features 1 bedroom, 1 bathroom, full kitchen, great room, laundry, and a 1 car garage. The stunning eat-in kitchen offers an oversized kitchen island with taj mahal quartzite countertops. The backyard with a beautifully landscaped exterior features an outdoor kitchen, rose garden, private pool, spa, and ramada.

9204 E Grapevine Pass Scottsdale, AZ 85262

$9,996,000
5 Beds
7 Baths
7,718 SqFt
Status Active
MLS # 6608449
Property Type Single Family Residence
Price Type --
DESERT MOUNTAIN GOLF MEMBERSHIP AVAILABLE-Modern Mediterranean Luxury Living meets Fantastical Fun on one of the highest elevated estate sites in the premier community of Desert Mountain. Situated atop all of Desert Mountain on 12.2 acres with views of the entire valley. Entering the estate through the privately gated drive gives you the first sight of prominent elegance. The stone exterior with Cantera stone arches and accents, the forged metal details and limestone pavered entry greet you upon arrival. The 9 X 12 arched rain glass and iron scrolling door open to a brick mosaic lined rotunda with dazzling crystal chandelier. The elegant livability is instantly felt with the open and light great room split floor plan that blends seamlessly through the pocketing telescoping glass glass doors to the outdoor living space with linear spa and firepit offering unimaginable vistas in every direction. The Gourmet kitchen with large island, Alder wood cabinets, premium appliances and oversized walk-in pantry is every chefs dream. For the finest dining experience step through the circular entry defined by scrolled iron work, into the dining room with spectacular elevated views. The decadent Master Suite is well appointed with a stone wall backdrop, Cantera fireplace, dry sauna, spa like bath with glass tile shower, heated floors, free standing tub and designer closets. The Office, Guest Suite, Powder and Laundry each are statements in design and functionality. In the mood for some fun head downstairs to the whimsical bonus room with semi circular bar, work out room, home theater, and 2 additional guest bedrooms. The fanciful decor; bright colors, unique tile and fun finishes will make you smile. Head outside for more fun, relaxing and all your AZ outdoor entertainment needs; multi leveled patios, putting green, boulder waterfall cascading into the negative edge pool, sunning patios, outdoor kitchen and alfresco dining, Outdoor living room with fireplace, pool bath and outdoor shower. The separate entrance Casita charms every guest with the private patio, fireplace and unstoppable views. Car lovers will be astounded over the impeccably finished 5-car garage with garage vacuums, hot and cold water faucets, shoe closets and extra storage. The finest of organic finishes are throughout the home: wood and stone floors, wood, stone and tile wall details, brick mosaic and wood beam truss accented vaulted ceilings, stone counters and vanities, metal hand made iron work and the impressive steel great room grand fireplace. Additional details include smart home with Control 4 system, 44 solar panels, tankless water heaters, 2-inch water lines, 50 amp RV service and so much more! Ideal south facing backyard capturing maximum winter sun on the patio areas, along with tremendous sunsets, city lights and surrounding mountain views by day and mountain silhouettes by night. Bike or hike from your home to the nearby Desert Mountain Trails with over 20 miles of multi-use trails. Chiricahua and Cochise Geronimo Clubhouses are nearby for quick access to dining and golf. Sonoran Fitness center located within a short drive from this home. Golf Membership to the Desert Mountain Club available.

5114 N Casa Blanca Drive Paradise Valley, AZ 85253

$9,995,000
6 Beds
7 Baths
7,493 SqFt
Status Active
MLS # 6667094
Property Type Single Family Residence
Price Type --
Don't miss the newest masterpiece developed by Irvine Asset Group and Vasbinder Development. The Arizona 5 C's Residence is conceived as an intimate experience for both homeowner and guests, choreographed around a series of private vegetated courtyards. The meditative east garden greets visitors, while the active west court enjoys expansive iconic Camelback Mountain views; the great room engages both environments. Acting as the main material, creamy colored brick is composed to create texture and shadow through a series of perforated screens of filtered light. Warm woods, soft porcelain tile, and expansive glazing, paired with arid-appropriate vegetation, blur the boundary between exterior and interior—to offer ideal desert living. The home boasts a large open floor plan great room with fireplace and 13' operable multi-slide doors, dining and kitchen with large walk-in butler's pantry; a wine room; private primary bedroom and ensuite; 3 additional bedrooms with ensuite baths; office with mountain views; private guest quarters; rec/theater room; gym/bonus room; detached studio with small kitchenette and bath; 5 car garage; and 1,700SF of outdoor livable terrace with BBQ, pool, hot tub, and movie lawn. With custom fluted wood millwork and copper flecked concrete counters, a citrus tree grove, a beautiful resort-style backyard enjoying Arizona's climate all year round, soft luminous cotton drapery, and leather pulls throughout--the home revels in Arizona's celebrated five C's: copper, citrus, climate, cotton, and cattle. PROFESSIONAL PHOTOS COMING SOON

6480 E El Maro Circle Paradise Valley, AZ 85253

$9,979,000
6 Beds
10 Baths
11,499 SqFt
Status Active
MLS # 6693041
Property Type Single Family Residence
Price Type --
Nestled within the secure confines of El Maro's gated community stands a stunningly refurbished estate. As you step inside, you're greeted by panoramic mountain vistas and expansive interiors filled with natural light. An inviting billiards room adjoins the family area and kitchen, ideal for gatherings of all sizes. The formal dining and living spaces offer captivating views of the glistening pool, lush landscaping, sprawling golf course, and mountains beyond. This exquisite home boasts a wine cellar, an exercise enclave, a theater for cinematic indulgence, and a den/retreat with built-in bookshelves and desks. The main house comprises four en-suite bedrooms alongside a sumptuous master suite, replete with balconies, a cozy fireplace, a spa-inspired bathroom, and a lavish closet.... ...Just steps away, a wood-paneled office with awe-inspiring vistas awaits. Additionally, an attached guest casita provides a private haven complete with its own entrance, kitchen, laundry facilities, fireplace, and a separate bedroom with a full bath. The property features a lighted tennis court (or two pickleball courts), a four-car garage, and an elevator, among other refined upgrades, further enhancing the timeless allure of this breathtaking estate.

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