Mortgage Solutions for Self-Employed Individuals
Renewing your mortgage is a crucial financial decision, just as significant as selecting your initial mortgage. At our team, we understand the importance of this process and the potential benefits it can bring. When it comes to mortgage renewal, you are in a stronger financial position compared to when you first obtained your mortgage. Your home equity has grown over time, and by decreasing your principal loan balance, you have the opportunity to negotiate for better terms. However, it’s essential not to settle for signing your existing agent’s mortgage renewal form without exploring your options. By doing so, you may end up with a higher interest rate and a mortgage package that fails to cater to your individual needs.
As a collaborative team of experts in the Canadian mortgage industry, we are dedicated to helping you maximize the advantages of your mortgage renewal. We recognize the potential that lies within this process and the possibilities it opens up for you. Whether you aspire to pay off existing debts, clear high-interest credit card bills, or undertake home renovations, renewing your mortgage can provide the financial flexibility to achieve your goals.
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Purchase with 10% down and obtain the best discounted rates: We understand that as a self-employed individual, your financial situation may differ from that of a salaried employee. With our specialized mortgage programs, you can secure a mortgage with a down payment as low as 10% while still enjoying competitive interest rates. We believe in empowering self-employed individuals to access the same benefits as traditional borrowers.
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15% down payment for purchase and refinance, even if you have just started your business: We recognize that entrepreneurship is a journey, and sometimes, individuals may have recently embarked on their self-employment ventures. Unlike traditional lenders who may require a longer business history, we offer mortgage options that allow you to purchase a home or refinance your existing mortgage with a down payment of just 15%, even if you have recently started your business.
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15% down payment for purchase and refinance, even with mostly cash income and recent bankruptcy: We understand that self-employed individuals may have unique income structures, including a significant portion of cash income. Our mortgage solutions cater to those who primarily receive cash income, allowing you to purchase a home or refinance your mortgage with a down payment as low as 15%, regardless of recent bankruptcy.
4. Purchase a rental property with 15% down with “stated income”: If you are looking to invest in a rental property as a self-employed individual, we offer mortgage options that allow you to do so with a down payment of 15%. Through our “stated income” program, we consider your stated income and provide a path for you to expand your real estate portfolio while enjoying the benefits of homeownership and rental income.
At our team, we recognize the importance of supporting self-employed Canadians in their homeownership journey. We have access to a wide range of innovative mortgage options specifically designed for entrepreneurs like you. Our experienced experts are ready to guide you through the process and help you find the best mortgage solution that aligns with your unique financial circumstances.
Take the first step toward achieving your homeownership goals by contacting one of our self-employment mortgage specialists today. We are dedicated to providing personalized support, exceptional service, and mortgage options that recognize and reward the entrepreneurial spirit. Let us help you secure the mortgage you deserve while navigating the complexities of self-employment.
Frequently Asked Questions for Self Employed Individuals
Q: Why is it challenging for self-employed individuals to qualify for a mortgage?
A: Self-employed individuals often face challenges when applying for a mortgage due to the ability to reduce taxable income. Traditional lenders typically rely on income verification methods such as pay stubs and W-2 forms, which may not accurately reflect the income of self-employed individuals who utilize deductions and business expenses to minimize their taxable income.
Q: How do your mortgage solutions benefit self-employed individuals?
A: Our mortgage solutions are specifically designed to address the unique needs of self-employed individuals. We offer flexible down payment options, competitive interest rates, and consider alternative income verification methods, such as stated income or bank statements, to assess your financial eligibility. These options empower self-employed individuals to qualify for the mortgage they deserve based on their actual financial situation.
Q: Can I qualify for a mortgage if I have recently started my business?
A: Yes, we understand that entrepreneurship is a journey, and even if you have recently started your business, you can still qualify for a mortgage. Our mortgage programs cater to individuals with shorter business histories, allowing you to purchase a home or refinance your mortgage with a down payment as low as 15%.
Q: What if I primarily receive cash income or have recently experienced a bankruptcy?
A: We recognize that self-employed individuals may have unique income structures, including a significant portion of cash income. Our mortgage solutions consider these factors, allowing you to qualify for a mortgage even if you primarily receive cash income. Additionally, we offer options for individuals who have experienced bankruptcy, enabling them to purchase a home or refinance their mortgage with a down payment of 15% or more.
Q: Can I invest in rental properties as a self-employed individual?
A: Absolutely! As a self-employed individual, you can still pursue real estate investment opportunities. Our mortgage solutions include programs that enable you to purchase rental properties with a down payment of 15% and utilize stated income to demonstrate your eligibility. This allows you to expand your real estate portfolio while enjoying the benefits of rental income.