Homebase Mortgages

Is it Hard to Get a Mortgage for the Self Employed?

\"mortgagesGetting a mortgage for the self employed is actually a lot easier than you’d think it would be! The first thing you’re going to want to think about is how you’re going to prove that you have an income; the best step you can take is to hire a Toronto mortgage broker (or a mortgage broker in your area). They’ll help you figure out how you can document your employment and your income and get the financing you need to buy a home or refinance your current one. Let’s get started.

What is Self Employed Mean?

There are many different types of employment, but if you work as an independent agent or contractor, you’re most likely self employed. If you have your own business you will also be considered self employed, so don’t feel bad if you’ve been rejected out of hand for having this kind of employment. Just because you don’t know what you need to prove you have a legitimate income doesn’t mean you can’t get a mortgage. You’ll want a mortgage broker to make sure that you understand what’s involved before you fill out the mortgage paperwork.

Is a Self Employed Mortgage Different?

Other than your employment, this type of mortgage isn’t any different than any other kind offered on the market. If you are retired, own your own business or hold a flex job this is the kind of mortgage you want to try and get. Your mortgage broker will help you figure out if you need to have anything special with you when you fill out the mortgage application; they’ll also help make sure that you fill out the paperwork as perfectly as possible. Getting the best terms for your loan means filling out the paperwork as perfectly as possible the first time around… make sure you get it done and you’ll get the right mortgage.

What do Mortgage Brokers Do?

Mortgage brokers are the stepping stone between you and the perfect financing. You’ll want someone who understands your situation, someone who knows how to get mortgages for the self employed.  They’ll take your mortgage application and check it over. They may also go through your credit report and talk to you about where your FICO score needs to be to get a good mortgage. After all this, they’ll take your application to many different lenders and see who will give you the best loan.

Just because you’re self employed doesn’t mean you can’t get a great mortgage. It may be difficult to prove your income at first, but with the right mortgage broker you’ll be able to save time and money. There are many lenders who will help you with financing, but you’re going to want to make sure you get the right mortgage lender. Sometimes you’ll have to go an alternative route to financing; sometimes a conventional lender will have the better deal available. Research your options well and good luck!

Contact us today and see what we can do for you.

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