Self Employed Mortgages
The Advantage for the Self Employed in Using a Mortgage Broker as Opposed to Banks
Most people looking for mortgage deals in Canada are known to obtain the services of banks. However, if you are self-employed, getting the needed services from your bank may not be as easy as you think. Most lenders such as banks will require their borrowers to provide them with a verifiable proof of income.
In the case of self-employed individuals, obtaining the services of a Canadian mortgage broker first has more than a few advantages. Here are some of them:
Help in finding the right lender
Choosing to do all the work yourself in finding the right lender when you're self-employed is not an ideal situation to be in. For one, you will need to contact the lenders one by one to get the best deals, which is often a time-consuming task. You will also need to compare the rates yourself, which is often challenging if you don't have the time and the background needed in evaluating mortgage offers.
By getting the help of a mortgage broker in Canada, however, you don't need to do all the work yourself. The mortgage broker will be able to find the right lenders for you and allow you to compare different rates more conveniently. Remember, Brokers typically only get paid when they get you mortgaged.
Help for borrowers with less desirable credit
Most people who are currently self-employed and have had some credit troubles in the past will find it more difficult to find the right mortgage than those who are receiving a steady pay check and have no credit problems. A good mortgage broker in Canada, however, will help you find a good lender, one who is willing to give you an opportunity for a mortgage despite your past credit problems.
Self Employed Lenders: Our 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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