It’s possible to get a great mortgage whether you are self-employed or working for a booming corporation, but self-employed individuals have historically had a more difficult time of it. The reason for this is simple: It’s harder for financial institutions to verify the income of those who employ themselves. It doesn’t have to be such a problem, though, if you have a professionally licensed mortgage agent on your side. As your mortgage , I will make sure you have access to all the same mortgage programs as an employee with comparable income.
The Right Mortgage Lenders for Self-Employed Buyers
The key to getting a great mortgage as a self-employed homebuyer is working with the right mortgage lender. Some Canadian financial institutions are wary of working with the self-employed, and are more likely to work with those who can verify income with a large, established employer. Then there are those Canadian lenders who appreciate the unique considerations of these hardworking, entrepreneurial individuals. I have helped numerous self-employed individuals secure the right mortgage for their needs, goals and budget, and I can do the same for you.
Special Mortgage Programs for Self-Employed Individuals
Being self-employed definitely comes with some special considerations, which the more innovative lenders in Canada are aware of. These include the tax write-offs that significantly reduce the amount of declared income of these individuals, for example. This is why these mortgage lenders offer special programs for self-employed individuals, such as the stated income mortgage, which offers the following benefits:
- Buyers are not required to prove income to secure a mortgage
- A realistic estimate of the buyer’s annual income is good enough
- A down payment as low as 10% is acceptable Same mortgage interest rates as other buyers
It is important to remember, however, that a Notice of Assessment could be required if there is any doubt over your income tax debts, although the stated income on this form will not influence whether you are approved for the mortgage or not. These estimated income mortgages may also come with somewhat higher insurance fees. It could be worth it to make your dreams of home ownership come true, though, and Mortgage Innovators is here to help.
Contact me today, and see what an experienced, knowledgeable, licensed mortgage agentcan do for you.