Mortgage for Truck Drivers | What You Need to Know
January 6, 2022 | Posted by: Ron Chan
Truck drivers are the heart and soul of commerce and consumption across the country. Without their tireless days and nights on the road the supply chain would break. Businesses and households alike would not have the goods they need to sustain. If you're among them, we applaud you for all that you do.
Of course, life on the open road is only so appealing. The one thing that gets you through those seemingly endless stretches of time on the asphalt, sleet, and snow, is the thought of returning home. That comforting vision is enhanced when the prospect of owning your own home nears reality. We're here to help make that happen. While there is a LOT of confusing information online about getting a mortgage as a truck driver, we're removing all of the jargon with a simple breakdown of what you really need to know. Let's review.
4 Things to Consider as a Truck Driver Getting a Mortgage for a Home in Winnipeg Manitoba
I. Are You Self-Employed?
If you're under traditional employ of a shipping company then the mortgage process is straight forward. Prior to getting pre-approved you will simply want to gather documentation regarding employment status (length of tenure and annual income) and your credit history. However, many truck drivers based out of Manitoba are classified as contractors by their employers, or may be outright self-employed. This may be your concern, although there is really nothing to worry about in regards to your designation as a self-employed driver or as the owner of your own trucking business (as applicable). We have already provided a guide to getting a mortgage as a self-employed person, which you can reference here. Alternatively, Winnipeg area residents can give us a call at 204.290.9950 and we'll walk you through the process.
II. Reporting Other Sources of Income
Many truck drivers have other sources of income. If the last two years taught us anything, it's that anything can happen - major disruptions in the supply chain included. It certainly doesn't hurt to have backup income potential in play to account for uncertainty. But when it comes to getting a mortgage, you may not know how varying sources of income can or should be reported when applying for a home loan. Once again, we've got you covered. Click the link below for an easy-to-follow breakdown of what you need to count as income:
III. Increasing Your Buying Power
You work hard and demand to get more from your money. You want a dream home for yourself and/or your family, but market forces can sometimes get in the way. Inventory may be low and as a result prices may be on the rise. In such cases, your buying power can be significantly limited. However, when you partner with a mortgage broker that can all change for the better. A mortgage broker will boost your buying power and allow you to consider homes that were otherwise out of your price range. They accomplish this in a few ways.
For one, a reputable mortgage broker can get you access to lower unadvertised fixed and variable rates that can reduce your monthly payments and/or mortgage term The same broker can also connect you to first time buyer incentive programs that can significantly reduce your downpayment requirement. And if you're worried about how your credit history (or lack of) will impact your mortgage terms, a broker can also connect you to alternative private lenders who don't obsess solely over your credit history, and instead look towards other financials. View more on how a mortgage broker boosts your buying power, especially during times of low inventory and higher prices.
IV. Let a Mortgage Broker Help
In considerations #1-3 we showed you how a broker will make it much easier for you (as a truck driver) to get a mortgage than if you attempt to get a home loan on your own. That's just the tip of the iceberg. A full service broker can manage all of the red tape for you, including mortgage calculations, pre-approvals, lender negotiations, insurance, closing documentation, and more.
As mentioned in the introduction, you're an integral link in the supply chain. Think of a mortgage broker in a similar sense when it comes to real estate.
You've got enough on your plate, so let us take the wheel. If buying a home in the greater Winnipeg area, contact Ron Chan today at 204.290.9950.