Being self-employed can pose a challenge when it comes to securing a mortgage. Traditional lenders tend to look the other way, as they don’t want to take the risk of lending to an individual that cannot declare their source of income. Don’t worry, the team at Good Advice for a Better Life can offer competitively priced mortgage solutions in Ontario for those who are self-employed.
A self-employed mortgage is specifically made for borrowers who earn income from their own business rather than being a salaried employer. The significant difference between the two is that a self-employed person’s income is inconsistent, while a salaried person gets a consistent pay check each month.
It is not your traditional mortgage. It is a great financial tool for people who are sole proprietors. Furthermore, if you’re a self-employed individual that is incorporated, you must own the business or draw a salary or dividends to be considered self-employed. If you need help securing a self-employed mortgage in Ontario, speak with our team today. We will be more than happy to address any queries that you may have.
The individual must have been the owner of the business for a minimum of at least two years. Moreover, the applicant will need to submit their tax returns of at least two to three years, including their proof of income alongside the mortgage application. If you get approved after the submitted documents and information has been validated, you will be able to enjoy the same mortgage products, as well as terms and rates the conventional mortgage borrowers would enjoy.
If you are a self-employed individual that has a poor credit history, you will need to pay a minimum of 10% as a down payment. For further enquiries, get in touch.
With years of experience in the industry, we have built a solid relationship with several lenders across Ontario that can provide low rates and terms for self-employed individuals looking to apply for a loan.
Give us a call today at (289) 804-0857 to schedule a free, no-obligation consultation.