myth #9 You will not be able to get a mortgage or small business loan

It is a long held belief that home based business owners have a hard time getting mortgages or small business loans. This is not true. With small businesses and consulting firms on the rise, financial institutions have recognized the need to provide better services and comparable mortgages and loans to self-employed individuals.



MY TAKE: I was an employee when I applied for my mortgage however I have experience working with self-employed clients and friends to successfully apply for mortgages. The first thing I have learned is that it is important to shop around. Some people will be able to leverage their relationship with their bank to get a great mortgage that they couldn’t get elsewhere but it is important to be sure that you are getting the best terms. Mortgage brokers are invaluable for shopping around as they can find out the terms a financial institution would offer you based on your specific circumstances. It is also very important that as an entrepreneur you are able to provide the bank with clear, organized business records that show consistent business activity for the past few years.
I have no personal experience obtaining a small business loan or grant. The best sources of information on this are the websites of the major financial institutions and government bodies.

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