Have you started a business since you last secured your mortgage or recently become self-employed? Is your mortgage coming up for renewal and you're unsure of your new options and the products available to you? I can help you!
Working with me, will get you into the home of your dreams, and potentially be approved for a mortgage that is designed for self-employed individuals like yourself.
Being self-employed or being a self-owned business doesn’t mean that owning a home is out of your reach. I work with tons of lenders – Major Banks, Credit Unions, Private Funds and Private Lenders. This gives me access to more lending options for you so you can finally purchase your dream home! These lenders love to help business owners get into the home of their dreams, and you could potentially be approved for a self-employed mortgage in British Columbia.
What do you need to know about Self-Employed Mortgage?
Any lender who is looking at an application for a traditional mortgage, one of the most important criteria is the applicant’s income. This includes the amount of money they bring in every month as well as how consistent their paychecks are. For a self-employed applicant, the lender will need to consider a variety of other factors, such as the total value of the business, how much it brings in, the applicant’s savings, and their personal assets.
What are the benefits of Self-Employed Mortgages:
- ★ Not Renting Anymore: There are many self-employed individuals who are stuck in rentals because they can’t obtain a traditional mortgage from a major bank. Luckily, I work with over 200 lenders, and many of those companies love to help self-employed individuals.
- ★ Your Net Worth: When you are ready to take a loan for your business, the lender is going to take a very close look at your finances. This can also include your personal assets which are separate from your business assets. Your net worth and credit score could still impact your ability to get a business loan.
- ★ Flexible Payments: Mortgage payments are more flexible than ever, and approved applicants have many different options to choose from.
What Are the Requirements?
The requirements for a self-employed mortgage vary between companies, but most of those lenders are going to have relatively similar guidelines. To determine your income, they are going to take a closer look at your taxes for the past two or three years. With that information, they will determine your average monthly income. They might also ask for a slightly higher down payment or analyze your personal assets if your average monthly income isn’t ideal.
If you are self-employed but scared that you might not be able to buy a home, then I encourage you to contact me today. I understand that this process can be very overwhelming, but I am here to help all individuals in this process.