Self-Employed Mortgage Services
Mississauga Mortgage Agent
I understand that self-employed individuals have a hard time getting a mortgage from major financial institutions because of write-offs. Their declared income is much lower than their actual income which creates complications during the mortgage application and approval process.
If you are self-employed, let me assist you in securing:
- A mortgage loan
- A loan for home renovations
- Loans for your other personal needs
- Debt consolidation
Although you as a businessman see bankruptcy as a feasible option to get out of a bad deal and regroup, lenders usually don’t see it the same way. Some lenders will consider past bankrupts if there has been consistent and excellent credit since the time of bankruptcy.
- Higher interest rates
Lenders typically offer discounted rates to AAA clients only. Those who do not fall in that category are seen as high risk and that’s why they are offered higher interest rates.
- Larger down payment
When there is a downpayment of less than 20% there is not much a lender can do because they are bind by the default insurers guidelines (CMHC, Sagen, Canada Guaranty). But if you put a larger downpayment that means 20% or more: the lenders have a better appetite and are more flexible to take you on as a client.
- Private financing
If nothing works out then private financing can be an option to explore. It is a short term solution for a long term goal. Private financing can be from 3 months, 6 months, 12 months depending on your situation and your goal. It gives you the time to show 2 years income as self employed, build equity in your house, bring your credit back up or whatever the case may be.