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Self-Employed? Get Approved for a Mortgage Today!

Posted by Ontario on February 18, 2016 in Business, Home Living Tips, oakville ontario with No Comments

self employed mortgage OntarioIf 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!

self-employed mortgageMortgage 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!


Self-Employed? Secure a Mortgage in GTA

Posted by samanthas on June 17, 2013 in Home Living Tips with No Comments

self-employed mortgage OakvilleThere are plenty of reasons why the banks turn home owner hopefuls down for a mortgage. Bad credit, low income, lack of adequate down payment and being self-employed are just some of the reasons why getting a mortgage with a traditional bank can be almost impossible. Canadian mortgage rules along with banks are becoming more and more stringent in their rules and criteria to provide borrowers with the mortgages they need to buy a home. Unfortunately, for many, getting this mortgage can be a real challenge, and can be a stressful situation for many.

In particular, if you’re self-employed, you may not have the adequate amount of history showing positive cash flow. You might be earning commissions that are not necessarily adequately identified at tax time. Many banks look at those who are self-employed as a big risk, particularly if the business is fairly new and is small in magnitude.

The good news is that looking to a bank is not the only option. Working with an independent mortgage broker can be the answer you are looking for to secure the mortgage you need. Brokers will look around at various lenders who are in the business of supplying mortgages to people who are self-employed. They understand your needs, and will look at things other than your financials and tax notice of assessments.

Many lenders will supply self-employed mortgage Oakville for Ontarians. Brokers will negotiate the best rate possible, and will help to arrange a mortgage package that best suits your needs and your situation.

If you’re in the Oakville and surrounding area, work for yourself and are looking for a self-employed mortgage Oakville, give Marcelle Tiqui a call at the House of Mortgage Experts. Marcelle is an independent mortgage expert with lots of experience dealing with hard-to-get mortgages, such as those for the self employed. Call her team today at (905) 208-7070 to get started securing your mortgage!