It’s often amazing that lenders will turn down the self-employed, who are the most motivated and driven breed of people.
Cindy Janisch, a mortgage broker in Edmonton can get you a mortgage in most situations regardless of your circumstances. Where traditional financial institutions have often given the answer “No”, we say “Yes” and get you a product that suits your needs at an extremely competitive rate.
For self-employed workers you will have to provide 2-3 years of Revenue Canada Notice of Assessment.
If you are thinking about applying for a self-employed mortgage, you may be wondering if you will qualify. The good news is that you can apply for a mortgage as a self-employed individual. However, there are a few things that you will need to do in order to ensure that you are approved for financing.
When you are self-employed, one of the challenges that you may face is proving your income. Lenders will want to see documentation of your income, such as tax returns or bank statements. If you can provide this documentation, you will be more likely to be approved for a mortgage.
Another thing to keep in mind is that you may need to make a larger down payment than someone who is employed. This is because lenders view self-employed individuals as a higher risk. However, if you are able to make a larger down payment, you will be more likely to be approved for a mortgage.
The short answer is yes, being self-employed can affect your ability to get a mortgage. While most lenders will consider self-employed applicants for a mortgage, there are a few things you need to know in order to make the process go as smoothly as possible.
When you’re self-employed, you usually don’t have the same kind of regular income that someone who is employed by a company does. This can make it harder to qualify for a mortgage, since lenders like to see a steady income.
There are a couple of different ways that mortgage lenders calculate mortgage payments for self–employed borrowers. The first way is by using the borrower‘s average monthly income over the past two years. The second way is by using the borrower‘s average monthly income over the past 12 months.
Which method a lender uses will depend on the lender‘s internal guidelines. Some lenders may use one method exclusively, while others may use a combination of both methods.