April 26, 2023

How to Obtain a Loan with a Non-Traditional Source of Income

man holding cash in his hands above a desk with documents, shot below shoulders

Professionals and other people with prestigious, lucrative jobs don’t have too much trouble getting a loan from the bank or elsewhere. Sure, there’s paperwork to deal with that takes time and energy, but the lender’s willingness to loan them money is never really in doubt.

Most people don’t fit this career profile, though they have just as much need, if not more, to borrow money for things like paying for a mortgage, emergency repairs, or a renovation. Let’s dive deeper into how Burke Financial helps pensioners, self-employed people, those on disability, and others obtain a loan.

Deep Relationships with Lenders

Would you lend money to someone who may struggle to pay it back on time or at all? That’s one of the questions at the heart of this issue. Lenders want to feel confident that they’ll get repaid, and borrowers need to instill this confidence. The good news is, there are many ways to do this!

All kinds of honest people don’t have the type of job or financial situation lenders find instantly reassuring. Burke Financial is proud to have financial experts with long, deep relationships with a variety of lenders.

We’ll listen to your financial and lifestyle goals and find the right path to help people of all credit, income, and debt levels. When you choose Burke Financial, we’ll provide borrowing options you can’t access on your own. Take advantage of our deep, long relationships with a variety of lenders aside from banks.

You don’t necessarily need to verify your income to get a considerable loan on short notice. However, the further away you are from the ideal loan candidate, the more experienced mortgage brokers can help you.

Second Mortgages

Homeowners of all incomes, careers, and backgrounds need to borrow money to help make payments, especially with surging interest rates and the sharp rise in grocery costs. Burke Financial’s second mortgage services can help those trying to make ends meet by letting them utilize the equity they’ve built up in their homes.

Some people mistakenly think that a second mortgage is only a last resort solution for people in dire straits or that they’re overly complicated. In reality, second mortgages are a common way for homeowners to get a financial boost.

Homeowners can save over $1,000 a month and avoid bad credit. Building up equity is all about time compacting your initial investment. The longer you’ve owned the home, the more equity you have, and you are free to put it to use however you please.

a calculator lies on a white table above US cash

While financial experts will correctly state that you’re free to use the borrowed funds how you please, they’ll almost always recommend reinvesting them rather than splurging on luxury goods. If you take out a second mortgage to pay for a nice vacation or a new car, you’ll have to pay the high cost of these things in addition to borrowing fees.

In contrast, if you reinvest the borrowed money back into your home or seize some other investment opportunity, you can offset the cost of a renovation or even make a profit. Buying property shelters you physically, but it also lets you start building wealth that gives you financial protection.

HELOCs and Home Equity Loans

Another extremely common way for homeowners to tap into their home’s equity involves home equity line of credit (HELOCs) and home equity loans. They’re similar in that they’re both secured loans using your home as collateral, except a HELOC is a revolving line of credit you can repay as you use, while a home equity loan is a lump sum that appears in your account at once.

Some people who have unconventional income streams also have a lot of money! Maybe your work is lucrative but seasonal. Artists may command considerable income but have unpredictable schedules. There’s no reason why someone in that position should be refused a HELOC or home equity loan.

There are also people who may have the bulk of their money in a foreign currency abroad and need time here to land on their feet. Ultimately, people are free to live their life how they please and shouldn’t feel restricted to living how banks or lenders would like them to!

Deciding to take out a home equity loan or HELOC can be an amazing way to access significant cash quickly, as these loans tend to be processed quickly. If you have an unusual profession or there’s some other reason why banks and mainstream lenders are reluctant to lend, speak to Burke Financial today.

There are many types of home equity loans and HELOCs, so there’s wiggle room to customize them to fit your needs.

Bridge Loans

Sometimes homeowners get caught in a state of transition, and by the time they move into their new home, they’re still on the hook for the old one. If you think being a homeowner is expensive, try owning two homes!

If you’re eligible to receive a bridge loan, you’ll get the money needed to stay afloat while you’re finessing the sale of the first home. These short-term solutions usually last between three to six months. Hopefully, your first home sells, and you won’t need it to be any longer!

Any homeowner with two properties on their books would struggle, and those with unusual income sources may have additional struggles. Burke Financial offers creative and flexible solutions that can get you out of a jam.

The phrase “living your best life” gets thrown around a lot these days. But it is important for people to find their calling and follow their bliss. Not every job results in consistent payment, nor should this be a requirement for home ownership. If you’re worried that a lender won’t find your source of income reassuring, speak to the committed mortgage brokers at Burke Financial today.


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