Self Employed Mortgage in Ancaster, Ontario
I have over 19 years of experience working with all types of financial institutions, investing in property and helping secure new properties for families. I guarantee you will be surprised with my creative and professional approach to finding mortgages for the self employed.
Self-Employed people differ from traditional employees in that the income they claimed for tax purposes is not always reflective of their actual earnings.
That reality can be a challenge when applying for a mortgage. As such, lenders allow for self-employed mortgages to have a stated income that allows us to advise the actual amount the self-employed person earns.
There are limiting factors due to the increased risk of stating an income as opposed to providing documentation to verify it. Credit scores become a point of focus and it is essential that a self-employed person have excellent credit. The most that can be loaned without paying a mortgage insurance premium is 65% of the property’s value. Any time more than 65% is needed the mortgage must be insured.
In cases where a self employed person claims enough that they can qualify for their mortgage without requiring stated income, then the self-employed mortgages become a traditional purchase or refinance and traditional rules apply.
For self-employed workers you will have to provide 2 years of Revenue Canada Notice of Assessment.
Experienced Mortgage Agent Marisa Nguyen offers Professional Mortgage Services with the best mortgage rates available to clients across Ancaster, Hamilton, Burlington, Niagara Falls, St. Catharines, Guelph, Milton, Oakville, Mississauga, Brantford, Grimsby, Kitchener, Niagara on the Lake, Toronto, Simcoe, and Port Dover, Ontario.