If you’re looking for mortgages for the self-employed and you’re buying home on your own, you’ll have a serious fight on your hands. It’s hard enough qualifying for mortgage when you’re self-employed, but when you’re the only home buyer things get complicated. Here were going to talk about what these mortgages can do for you, how to know if you qualify, and how to make sure you can get through the approval process with your dignity intact. After all, you should be able to make your money go to work for you, not the other way around!
Are you a solo home buyer?
If you’re a solo home buyer, you’re not alone; nearly 20% of Canadians bought a home in the last two years without a co-applicant (friend, family member or partner) – but it’s not going to be easy. From understanding where you are with mortgages for the self employed to making sure that you really can buy that new home, you’re going to have some tough choices ahead. If you really want to be able to buy the home you’ve always wanted, you’re going to want to think about all the wonderful things you can do to show a lender that you really are credit worthy.
How much can you afford?
When you work with one of our Toronto mortgage brokers, you’ll have help to figure out how much you can really afford. We’ll be gentle, but we’ll also help you really understand the reality of your unique situation. There’s no point in you spending more than you can afford only to lose it all later, so we’ll work with you to make the most of your chances. After you know how much you can afford, you’ll need to determine whether or not you’re self employed.
Are you self-employed?
If you have clients and contracts, if you work seasonally or even if you’re retired and living off an annuity, you may qualify as a self employed person for the purposes of a mortgage for the self employed. This is going to vary from lender to lender, but we’ll be able to help you understand as Canada mortgage brokers how you can show lenders your income and how much you have saved up. A little preparation goes a long way towards ensuring that you’re really going to get the most out of your mortgage application.
Are you ready to buy a home?
Once you understand your employment status and how much you can afford, it’s time to figure out if you really are ready to buy that home. Sometimes you are, sometimes you’re not – but either way you’ll need to know before you submit your first mortgage application. These usually cost about $15 to apply per lender, so you can apply to multiple lenders to discover who will give you the best deal. When you work with us as your Toronto mortgage broker we’ll work hard to help you find the best lender and the best rate for your needs.
Contact us today and see what we can do for you.