Self Employed Mortgages
Borrowing money is harder for many self-employed Canadians. While there is broad recognition that self-employed Canadians are reliable borrowers, it may be difficult to navigate the mortgage process and the different options available specifically for this group. We can help turn the tables. These individuals may run their own businesses, or work in a profession where the main source of their income is predominately capital gains, a form of income that is generally not considered by most “A Lenders”.
We work with self-employed homebuyers every day and understand the challenges that they may face when arranging a mortgage especially with no standard proof of income. Our brokers are experts when it comes to mortgage solutions and has access to multiple options, including mortgage products designed specifically for self-employed Canadians. They can pinpoint which lenders have more favourable terms and requirements and advise you on how you can improve your options to get the best possible rate and terms.
The more complex your mortgage situation, the more sense it makes to use an experienced mortgage professional who can help simplify the process and help you achieve both your short-term objectives and your long-term financial plan. Most of all, they allow you to stay focused on your business, alleviating the burden of many time-consuming and frustrating tasks and meetings associated with securing a mortgage and will also work around your busy work schedule. Many will even travel to your worksite if required to make the transaction as convenient as possible for you.
Remember, that independent mortgage professionals work for YOU, not the lenders or banks, so you can rest assured that their advice is unbiased and in your best interest when it comes to finding the right lender and right product to meet your needs. Find out what your options are, give us a call.
Helping you get a suitable mortgage plan
Although it has become more difficult for the self-employed to obtain mortgages as banks hesitate to offer loans to self-employed individuals due to the risk involved in repayment and to protect their financial interests and their reputation. There are still lenders who offer loans to suit your needs. Our team has extensive experience in this line of business, we have access to some of the most trusted and reputable lenders. We can help you source a lender who offers self-employed mortgage plans at affordable interest rates and flexible repayments. To know more about our services, please get in touch with us now.
Points to remember
When lenders determine how much to lend to you, they base their calculations on your average profit in the past few years. It is essential that the borrower employs an accountant to prepare your accounts. It is also essential to make sure your accounts are up-to-date and in order. If you can prove a track record of regular work, it can be useful. If you have a decent deposit of equity in an existing property, that can also help you attain mortgage faster. A clean credit record will also boost your chances of getting a mortgage.
Key take away
Getting a loan while self-employed may need you to pay higher interest rates, as lenders will try to compensate for the lack of steady income.
Improving your credit score, offering a larger down payment, or paying down debt can help you attain a loan faster.
There are fewer lenders willing to offer loans for self-employed individuals The repayment may not be flexible.
We are reputable and trusted mortgage professionals offering self-employed mortgages. Over the years we have helped several customers get mortgages at fantastic prices. All you have to do is discuss your needs with us and our team will do the rest.
Experts in Self-Employed Mortgage Solutions
As Self-Employed, you deserve the same level of expertise, customer service, and professionalism you offer to your clients. You'll get that level of service and even more, when you work with Woodstreet Mortgage. Whether you are starting up or have been in business for six months, one year, two years, or even 10 years, we can help you secure the right mortgage financing. Woodstreet Mortgage provides fast & heachache-free Mortgage. Advisory solutions for Self-Employed Ontarians.
At One Mortgage Group, our mission is to set a high standard in the mortgage industry. We are committed to quality customer service - putting the people we serve first.
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