Self Employed Mortgages [mortgageapproved.blogspot.com]
Self employed people can sometimes have a hard time getting approved for a mortgage. We deal with people everyday who tell us that. Today's lenders have seen that the self employed person in Canada is becoming a more common thing. There are many mortgage solutions out there if you are in this position. Feel free to contact me if you have any mortgage related questions for self employed borrowers. www.mortgage-guy.ca or www.stevechittick.ca
mortgageapproved.blogspot.com Self Employed Mortgage Solutions
Self certification, non status or self employed mortgages are all different terms to cover the same type of loan.
These types of mortgage loans are ones that are approved without the traditional documentation such as proof of income. Often self employed people have a hard time being approved for a standard mortgage because they do not have the traditional documents needed and are therefore considered high risk.
A mortgage can still be obtained as long as the proper documents and proof of who you are provided to the lender.
Although it is important to provide as much documentation that you can, some of the more recommended documents include: bank statements covering the last six months, all invoices, pensions, rental incomes and any other proof of income you have maybe tax returns for the past two years, Proof of assets such as saving account balances, stocks and bonds and anything else that supports your income claims maybe required.
Additionally you will want to provide your business license and be prepared to work with your broker to supply any other documentation needed.Like most business transactions, there are benefits and drawbacks. A few of the benefits of self employed mortgages include the ability to get your foot on the property ladder, ease in remortgaging and moving homes. The drawbacks are often with higher interest rates and the requirement of larger deposits.
Explore the market to find the best deals, lowest interest rates and brokers who understand your unique needs and remember to be prepared with your own documentation.
There are hundreds of mortgages lenders in the market place today so you shouldn't have a problem finding the best one for you.
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