When you’re looking for mortgages for the self employed, you might find out that getting financed isn’t the only problem you’re facing. From self employment taxes that can run really high (as well as your risk for an audit), figuring out estimated taxes and all the paperwork that can go with it – it’s not easy being self employed. With so much to worry about, why worry about your next mortgage? When you work with us as your Toronto mortgage broker, you’ll get all the help you need to get a mortgage that’s right for you.
Have Your Taxes Ready
To get a mortgage for the self employed, you’re going to need to show the last two years (in some cases three) years of taxes. This will establish how much income you’ve had over the past few years and will be an indicator to the lender of whether or not you’re credit worthy.
While most people with a “standard job” would only have to show a year of taxes and probably some pay stubs, you’re going to have to go the extra mile. But that’s okay! You have a life that’s your own and sometimes that makes things a little more difficult. Don’t get tripped up in stuff that doesn’t matter, you’re going to be able to get the mortgage that’s right for you.
Self Employment Always Carries Risks
You’ll end up paying a little extra, no matter how great your credit is; self employment is always a gamble and lenders need to hedge their bets. If they’re going to lend you the money, they have to know that they’ll be able to get the money back somehow.
You may have to pay private mortgage insurance, you might have to have a larger down payment. Whatever you do, work with us to make sure that you’re getting the best mortgage for the self employment.
Do Many Lenders Offer Mortgages for the Self Employed?
Most do, but we can always help you find the one that’s right for you! Some lenders offer specific types of mortgages just for unemployed people, others will just charge extra interest while some won’t offer anything at all than their standard mortgages. It really varies from lender to lender and you’ll want to do your research. When you work with us you get a Toronto mortgage broker that’s dedicated to making sure that you’re getting the best possible mortgage for you – not for the lender.
Figuring out all the paperwork you’ll need, if you even fall under being self employed and a whole host of other issues can make getting a mortgage for the self employed more difficult than it needs to be. That’s why you should work with us, some of the best Toronto mortgage brokers you’ll find around. Why leave your financial future in uncertain hands, when you can work with us and get the mortgage that’s right for you? Call today and see what options are available to you, don’t pay more than you have to.