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Can you get a mortgage as a freelancer or remote worker?

I get this question a lot, and it’s a legit one! As a freelancer, or remote worker, can you get a mortgage easily? And if so, what are the rates?

The answer is “it’s complicated“. So, let me explain why before continuing!

It’s all in your new “status”

In theory, when you work as a freelancer or remote worker, you’re working for yourself. Yes, even if you work full-time with an employer abroad, technically, you’re working for yourself. That employer do not have a legal entity where you live, and thus, can’t “employ” you.

Now, if you are working legally, there are two options. You are either an auto-entrepreneur, or a company owner.

Mortgage for auto-entrepreneurs

If you are an auto-entrepreneur, it’s hard for banks to trust you or your income. And thus, getting a mortgage is nearly impossible.

You might find a bank or two that can trust you, but don’t put too much hope on it. You’re playing a hard game.

Mortgage for company owners

If you are a company owner, you’ll get a mortgage. Just expect bad rates.

For reference, a mortgage rate in Morocco is somewhere between 4%-5%, depending on the amount you are borrowing, your bank, etc…

As a company owner, I was given the quote of 11%-13% from two banks. Both explaining that I’m an entrepreneur and thus have higher risk.

However, they both shared that the higher rate is because the company is still new (1,5 years at the time). If you have a company for more than 4 years, you’ll get better rates. But still, higher than the 4%-5% given by the market.

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