How do Mortgages for the Self Employed Work?

mortgages for the self employedIf you’re self employed or retired and you need a mortgage, keep reading! Here we’re going to talk about mortgages for the self employed; from how they work to what the benefits are. Mortgages can be difficult to get, even when you have traditional employment and fall within the moral credit range. You’ll want a mortgage broker to make sure that you’re getting the right mortgage for your situation. No financing option is “one size fits all”, so make sure that your mortgage fits you. Let’s get started!

When a Conventional Mortgage Won’t Do

When a conventional mortgage doesn’t fit your situation, it’s time to think about alternative financing. Maybe you have a flex job or you’re self employed and have a hard time proving that you have income (this is increasingly common, so don’t worry!), and you’ve been turned down for financing before. Maybe you’re retired and you want to buy a home, but you just don’t know how to present your case to mortgage lenders. When conventional mortgages don’t fit your situation, you need to consider mortgages for the self employed. This is when it’s time to talk to a Toronto mortgage broker.

How are Mortgages for the Self Employed Different?

Mortgages for the self employed work just like normal mortgages, but they take into consideration that you may have a hard to prove income, and that they won’t be able to verify your employment situation as easily as someone with a traditional job. The mortgage lender will go through virtually the same process otherwise, and your mortgage will be virtually indistinguishable from any other type of mortgage.

Let Us Help You

Let us help you! When you deal directly with a mortgage lender, you run the risk of getting the wrong mortgage or paying too much. Buying a mortgage is like buying insurance; you don’t want to do it yourself and you need an intermediary. You’ll have to fill out a mortgage application like you would with any type of mortgage (we’ll help make sure everything is correct) and then we’ll take it from there.

While most mortgage lenders will go over everything in every detail, keeping you off balance so you’re not sure what you’re doing, we’ll make sure you get the right mortgage for you. Just because you’re self employed doesn’t mean you shouldn’t be able to get the financing you need to buy a home! These types of mortgages can be hard to find on your own; many who grant them are private mortgage lenders who don’t advertise (they prefer to work with brokers for example).

Is a Canadian Self Employment Mortgage Right for You?

You’ll need to examine all of your options before you choose a specific type of mortgage. Sometimes you’ll be able to qualify for a conventional mortgage from a bank, sometimes you will need to go the alternate route for financing. Let us as Toronto mortgage brokers help you find the right solution to your needs! 

To learn more about our great rates for mortgages for the self employed visit: http://www.homebasemortgages.ca/home-mortgages/self-employed/