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Mortgage for freelance graphic designer

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  • Mortgage for freelance graphic designer

    I am a freelancer. I never went to design school, I actually did my masters in political science from British Colombia University. Later I turned to design after working at an agency for two years, Now I am a freelancer. I make pretty good money. Now I am facing a problem. My own house has been a dream for awhile now. But I read that getting a mortgage can be hard for freelancers. I have a solid amount as savings. It will be enough to pay 25-30% of a property I want, as down payment. I want to know what is different for a freelancer. Also what kind of mortgage will be good for me?(Currently, I am getting good money now but you can never know.) I am currently living in Edmonton. And as I did a search for brokers for mortgage rates comparison I found these guys. How is their service? Any one with real information about all this please advise.

  • #2
    You are asking a bunch of designers for mortgage advise?
    Or are you advertising for the mortgage company?
    Either is fraught with danger. LOL.

    It also sounds like you might be in Canada?

    I only have personal experience to draw from.
    I am in the US.
    Your legal mileage will vary.

    When I went looking for a mortgage, the first place I started was my bank, which happens to be a Credit Union. Those are a little more client friendly than big banks. They were infinitely helpful in figuring out exactly what I could afford, and exactly how large a mortgage I could draw without being pushy about being the ones to front the loan. They didn't base it on my weekly paycheck. The based it on my base salary (no overtime) over the past 3 years. If you've had a bad year, that will matter.

    It isn't all about what you pull in for a salary. Your credit history, and credit rating is far more important. And the debt load you are currently carrying. Having a high credit rating and a low to no debt load will go a long way to helping you get a loan. Having no credit history is not a plus. Having large credit card balances and heavy things like car or equipment loans don't help either.

    Is your freelance business a licensed business? (or whatever passes for registered in Canada.) Do you have a company credit rating as well?
    Do you have a business plan in place? Any kind of business financing you've been using?
    Is your freelance business the Canadian equivalent of an LLC, Inc., or Co.? Or a Sole Proprietor? If SP, you are on the hook for all damages a client may sue you for, including your personal property. Lenders don't so much like that feature of a personally owned business.

    Don't jump to a mortgage lender without at least having a clue as to what you are worth to them. Some lenders don't give a rat's behind if you can make the payments or not. As far as they see it, you pay them cash until you are no longer able, then they get the house that they can resell at market value. Win win for them.
    Buyer beware.

    Last edited by PrintDriver; 08-03-2017, 07:25 AM.


    • #3
      Hi Todd and welcome to GDF.

      We ask all new members to read very important links here and here. These explain the rules, how the forum runs and a few inside jokes. No, you haven't done anything wrong, we ask every new member to read them. Your first few posts will be moderated, so don't panic if they don't show up immediately. Enjoy your stay.
      Shop smart. Shop S-Mart.


      • #4
        I do know that the banks will offer you some kind of payment insurance - in case the work dries up. This has been widely mis-sold and has been the subject of a major scandal in the UK. Even after 5 years or so we are still getting TV ads for PPI claimback services.
        Time flies like an arrow - fruit flies like a banana






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