Self Employed Mortgages
3 Tips to Ensuring You'll Be Approved for your Mortgage
Nowadays, getting a mortgage in Canada has become all the more difficult, especially for individuals who are working on their own. If you are self-employed but nevertheless want to apply for a mortgage, there are three tips you can follow to make sure that you'll be approved with your application.
Tip #1: Organize pertinent documents.
Prior to applying for a mortgage, you need to compile all your important documents first. If you have a business in Canada, you need to be able to present your business license. You will also need to be able to present your personal bank statements and business bank statements. Income tax returns are also important documents as they allow lenders to look into your net income for the past year or periods.
Tip #2: Be prepared to prove your income.
Being able to prove that you earn good and steady income even as a self-employed individual is very important in getting a mortgage. Not only should you be able to state that you have considerable income, but you also need to be able to prove that your stated income is you current income. For this, you need to be able to show current receipts to prove it.
Tip #3: Get the services of a trusted broker.
One of the most reliable ways to get approved for your mortgage is getting the services of a competent and reliable mortgage broker. A broker can help you find the best local lenders for you, depending on your financial situation, credit score, or payment capacity.
By keeping in mind these three tips, you can take advantage of self-employed mortgage offers and improve your chances of getting the best rates.
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Before you Apply: Check Your Credit Score
There's no question about it, the self employed will always face greater scrutiny when it comes to getting a Mortgage. Often times lenders will use your Personal Credit History as a qualifying factor. It pays to make sure that you monitor this important information - and possibly make updates and/or changes before you apply. Want to know where you stand?
What's New?
Typical Lending Criteria for the Self Employed
Compared to employed individuals, most self-employed persons, whether in Canada or anywhere else, have a more difficult time getting accepted for a mortgage. The ideal image of a borrower by most lenders is one who is stable and has a consistent stream of income as an employee.
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