Self-Employed Mortgages London, Ottawa & Surrounding Areas!
Can you get a mortgage if you are self-employed? What are the difficulties you could face?
A lot of borrowers think that being self-employed is some sort of taboo and you cannot qualify for a decent mortgage if you belong to that category. The important thing to understand here is that if you have a decent credit score, you can get a mortgage easily!
Self-employed mortgage is actually just a normal mortgage that any salaried employee would be eligible for as well. The difference comes mainly in the documents you have to provide. The rest of the process remains similar for both kinds of borrowers.
Is it really that difficult to get a self-employed mortgage?
No, it isn’t. It only seems so because lenders tend to be more thorough with a self-employed borrower than a salaried one to check if they can make the required payments on time!
Where can you get a self-employed mortgage?
Anywhere a salaried borrower can!
- Lending institutions
- Credit unions
- Private lenders
What do you need to qualify for a self-employed mortgage?
- Decent credit history
- Decent credit score
- Income which allows you to pay off your mortgage in a timely manner
- Proof of business
- Proof of ownership
The above requirements vary from normal mortgage requirements only with the proof of business. The lender would like to check if you really are the owner of the business you claim to own. This helps him check your eligibility. If you have a decent credit score and history it becomes even easier to qualify for a mortgage.
Why should you hire a broker from Ontario Lending Group?
If you really want your mortgage process to go smoothly and work in your favor, you would definitely want an expert by your side. The negotiations and bargaining become a piece of cake or a walk in the park when someone who knows the market handles it. You are ensuring yourself the best!
Begin the process to your dreams!