Self Employed Mortgages
Becoming an entrepreneur means hard work, long days, and surviving the ups & downs.
When it comes time to buy a home, you can face some challenges, but at The Mortgage Minds we understand business owners because we’re business owners, too!
We can help you navigate through the process. One of the benefits of being self-employed is the ability to deduct expenses and keep income in your company, rather than under your personal income. Although this helps you at tax time, it can make it difficult for you to qualify for the mortgage you are looking for.
Many of our lenders and the insurers in Canada offer a stated income program that we can use. Your stated income is a reasonable estimate of your annual income and we use this to help strengthen your application so you can qualify for the mortgage you want.
To participate in these programs, we require either a minimum of 10% down payment (and you will be required to pay a higher insurance premium) or a suggested 35% down payment (to avoid the insurance premiums).
With the right plan of action and an in-depth conversation with one of our Mortgage Professionals, we can help you achieve your home ownership goals! Call us today!
Entrepreneurship won’t hold back your Mortgage.
The Mortgage Minds can help you.