Rates & Costs
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Knowing what a self-employed mortgage really costs helps you plan and negotiate with confidence. Non-QM programs are priced a bit differently from conventional loans because they use alternative income documentation, and several factors you control can move your rate up or down. These guides explain what drives your rate, how non-QM pricing compares to agency loans, and the closing costs self-employed borrowers should expect — so there are no surprises at the table.
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Frequently Asked Questions
Are non-QM mortgage rates higher than conventional rates?
They are usually somewhat higher than agency rates because the lender takes on more flexibility in how it verifies income. The gap varies with your credit, down payment, and program. For many self-employed borrowers, a slightly higher rate is a fair trade for actually qualifying on income their tax returns would never support.
What affects my self-employed mortgage rate?
The biggest drivers are your credit score, your down payment or equity, the loan program you choose, the property type, and your cash reserves. Stronger credit and a larger down payment generally earn a lower rate. Because several of these are within your control, preparation directly affects your pricing.
What closing costs should self-employed borrowers expect?
Closing costs are broadly similar to any mortgage: lender fees, appraisal, title and escrow, and prepaid items like taxes and insurance. Non-QM loans sometimes carry slightly higher lender fees. A good rule of thumb is to plan for closing costs separate from your down payment and ask for a written estimate early.
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