Self-Employed? Get Approved for a Mortgage Today!
If you’re a self-employed individual, then you already know all the perks that come with being your own boss: making your own decisions, setting your own schedule, and so forth. But there are also some disadvantages that come with being self-employed, including the fact that you don’t fit the ‘mold’ when applying for a mortgage with the banks to purchase a home.
The main problem that the self-employed face when qualifying for a mortgage is the need to prove income with tax returns. Whereas borrowers who are employed by companies get a regular pay check and paystub which helps them prove their income, those who are self-employed have to go to much greater lengths in order to prove that their financial position is sufficient enough to cover mortgage payments. Standard bank forms do not let you provide additional info, like receivables, growth potential, assets and intellectual property.
With over 15 percent of the Canadian population falling under the self-employed category, they have to find a way to get approved for a much needed self employed mortgage in Ontario. If you are self employed or earn a commission-based salary, your best bet is to work with a mortgage specialist who can help you find a home loan at terms and rates that work with your current and future needs.
Call the Specialists in Self-Employed Mortgages!
If you’re in need of a self employed mortgage in Ontario, you need to work with experienced mortgage experts that know how to find lenders for hard-to-place mortgages. A mortgage broker shops your mortgage over lenders across Canada – from big banks to investment companies, credit unions, financial investors and private lenders. They work for you – not the bank – to help you get the home loan you need. You don’t have to fill out multiple applications or have each lender pull a credit report. When you work with a reputable company – like the Mortgage Medics, they sit down with you to do a private and confidential consultation. They can help you determine how much you can afford to spend on a home, what to expect for closing and carrying costs, and how to become mortgage free faster. The best part is, the experts at Mortgage Medics can potentially save you thousands in interest, but there is no charge for their service!
Mortgage Medics help small-medium size business owners to find the home loan or debt consolidation that they need. They understand your needs, and will look above and beyond just the fact that you’re a self-employed individual. They’ll look at components including your credit rating, debt ratios, income and more to help you get approved for a mortgage. They compare hundreds of lending products to match the ones that are best for your requirements. The Medics have access to lenders who are well-versed in providing mortgages to the self-employed.
Even if the banks turned you down, get a second opinion from a Medic! Call the team at Mortgage Medics at (905) 847-6611 or visit their website at www.mortgagemedics.ca for more information! They Medics also make house calls!
Reasons Why You Should Work With an Independent Mortgage Broker
If you’re in the market to buy a home, the first place you may think of when you need to obtain a mortgage is a big bank. While banks do offer mortgages, they are only able to offer limited options to clients in the form of their own home loans. Instead, mortgage brokers, like Verico, are able to offer borrowers many more options, since they deal with the banks as well as credit unions, financial trusts, private lenders and others. If you are new to Canada, self employed, have bruised credit or other especially circumstances that may lead a conventional bank from saying “no” to a mortgage application, you will have a better shot getting approved when you go through a mortgage broker.
You’re Protected
Ontario mortgage brokers have a specific goal to provide you with the best and unbiased advice about the mortgage you are looking for. They are obligated to recommend a suitable mortgage for your situation, and why that particular mortgage is right for you. Thus, while low mortgage interest rates are important, you must also understand the other terms and conditions that come with each home loan. Your best interests are always protected when you use the expertise of seasoned mortgage broker since they work for you – not the bank.
They’re Qualified
A lot goes into getting the right mortgage at the lowest possible rate. It’s not just a matter of looking for the best rate – a lot more needs to be looked at before signing on the dotted line. Mortgage agents are qualified to look into all the little details that are often stipulated in seemingly complex mortgage contracts, making it much more convenient to have a professional work things out on your behalf, and explain everything in terms you can understand. A mortgage agent can sit down with you, go through your finances – including your income, debts, financial goals, credit history, etc. to determine how much you can afford to spend on a mortgage and what you need to do to qualify for low rates. They can also help you plan how to pay off your mortgage quicker, or how to use the equity in your home to finance high interest debt.
It’s The Easiest Way to Shop Around
If you look for a mortgage on your own, you would have to go to different banks and lenders and fill out an application at each one. Having many credit inquiries on your record may hurt your credit score. With a mortgage broker, you fill out one application and they shop it over lenders all across Canada – getting the lenders to compete for your business.
They’re on Your Side
Ontario mortgage brokers don’t work for the bank or any other lender – they work for you. Not only can they save you thousands in interest with the ideal mortgage package, but they do it at no charge to you!
Go With Experience
When you’ve decided that it’s time to get into the real estate market, or you are looking to renew or refinance a mortgage, contact Marcelle Tiqui – a trusted and experienced mortgage agent specializing in mortgages Milton, Oakville, Burlington and Mississauga areas. Call Marcelle at (905) 208-7070 or visit http://www.marcelletiqui.com to learn more about her services. Your home is the biggest investment you will make. Be sure you are getting the best terms and rates by using a mortgage expert like Marcelle Tiqui.
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