Being self-employed is just awesome; you get to set your own hours, you can hire and fire clients, you control the means of production – It\’s a great life to live. But when you want to buy a home, you start looking at mortgages for the self-employed. What makes these different than any other kind of mortgage though? Will your interest rates be different, the same, insane?
Many lenders are going to be wary of lending you money, but in the end, you can find a lender who will give you the loan. When you work with us as your Canada mortgage broker, you get all the help you need to find the financing to buy the home of your dreams.
You’ll Need to Be Able to Prove Your Income
The first thing you’re going to need to know is that you have to go to prove your income – this could mean shoe boxes filled with bank statements, up to 3 to 5 years of tax returns, and other paperwork to support that you have the income to get this mortgage.
When you work with us as your Toronto mortgage broker, will help you figure out what paperwork, forms, and other documentation will help prove the lenders that sure where you need to be to get a mortgage. But the fun doesn’t stop there, let’s find out what else you need.
You’ll Need to Have Great Credit
In some cases, your credit will have to be at 720 or more to qualify for mortgages for the self-employed. If you don’t have a high credit score, you just may want to consider having a co-signer or co-applicant on your application. That way you can pump up your credit score, have more income, and qualify for even more money if you need it.
You May Need a Higher Down Payment
In some cases, self-employed individuals will need 30% or more down to buy home. This can be as substantial stumbling block to homeownership – most people, much less the self-employed – have that kind of capital laying around. When you work with us as your Canada mortgage broker, we’ll help you find mortgage lenders who are amenable to your current situation. The last thing you want to worry about, or anyone wants to worry about, is having 30-50% down just to buy a house!
Make the Process a Snap, Work with Us!
If you really want to buy a house, but you need to find mortgages for the self-employed, you need to work with us! We know how hard it is to be self-employed and proving your finances to lender; let us help you get started. We can help you figure out what documents you need, forms you have to fill out, and everything else that can make getting mortgages for the self-employed so easy.
Why do all that hard work yourself when we can help? Visit our mortgages for the self employed page today – see how you can save!