These days, it’s not uncommon for renters to split rent or pay their landlords through apps like Venmo. People are also doing freelance work or taking up gig jobs like driving for DoorDash or Uber. If we aren’t paying bills or getting paid in traditional ways anymore, shouldn’t there be a unique mortgage process to track our unique habits that could help us get approved for a home loan?
Loan Lift is PrimeLending’s solution to capture a record of your responsible financial habits across a number of peer-to-peer payment apps and gives you the credit you deserve for paying your bills on time as well as track your income. Let’s dive into the details about Loan Lift and how it may be able to help you get approved for a mortgage.
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Can freelancers get a mortgage?
Freelancers, contractors and other gig workers can get a mortgage and the application process for a self-employed mortgage is the same as it is for W2-employed borrower. The difference between the two is typically in the income documents that need to be provided. As a freelancer, since you may not have W2 documents to prove your income, you will need to provide documents that can show proof of self-employment, such as 1099s, personal and business tax returns, and your year-to-date balance sheet, among other forms.
It can feel intimidating to track down these forms and if you don’t have paystubs to reference, you may be left wondering how you’ll be able to show your proof of income. Whether you work for DoorDash, Uber, are freelancing or doing contract work, Loan Lift can capture your positive cashflow by validating at least twelve months of direct deposit income, including payments that come to your account(s) through Zelle® or other money apps.
Get an idea of how your monthly rent payment compares to a monthly mortgage payment with our free rent vs. buy calculator.
How to check rental history
Verifying your rental history is another way Loan Lift can give you credit for your positive financial habits. If you’re not on the lease, split your rent, or use apps like Venmo to pay rent, Loan Lift can substantiate your rental history report. Renters can check their rental history through credit bureaus like Experian, Transunion and Equifax.
What is a rental history report?
A rental history report is a report that provides details about your tenancies and history as a renter. Typically, landlords or property management companies review rental history reports to get a look at how you behave as a renter. As it relates to homebuying, a rental history report can prove on-time rent payments which may help improve your credit score.
How to prove rental history
Don’t have a rent payment history built up in any apps? Check with a credit reporting bureau to get a copy of your rental history report. You could also prove your rental history with written documentation directly from your landlord which can give your rental history report more support. Another way to prove rental history is to request rent receipts which will show that you responsibly paid your rent on time.
Loan Lift was created by PrimeLending to help track, and give you credit for, your positive financial habits. Even if you don’t get paid with traditional methods or pay your rent with payment apps, Loan Lift goes beyond the average mortgage tools to verify your cashflow and rental histories. Connect with a mortgage expert to discover if Loan Lift could help you secure a mortgage.
