Self employed mortgages are what business owners normally need when buying a home. The amount of down payment for a self employed mortgage applicant may also be higher. Lenders look at business owners or self employed consumers as more of a risk so getting a mortgage will be a little bit more difficult. People who are employees of a company have an easier time applying for a mortgage because they can show job stability, job letters, and other things that can make a lenders job much easier when underwriting a mortgage application.
Self employed mortgages require a little more documentation and a more thorough process by the lenders as income is a little harder to prove. Some of the documents lenders may require for a self employed mortgage can be notice of assessments, bank statements, contracts, invoices, and more to name a few. Lenders may request this information in order to confirm that you can afford to pay the mortgage, and that everything you have said to them is true.
Self employed mortgages can be even harder to obtain if you don’t have any documentation to prove your income, and if this happens your chances of getting a mortgage will be very slim. Mortgage brokers specialize in working with self employed people to get a mortgage so you should consider calling a mortgage broker for financing if you’re self employed.
Watch this episode with mississauga real estate agent Joe Terceira and mortgage broker Tracey Brock of Dominion Lending Centres where she will talk about how to get a mortgage if you’re self employed, and much more on Real Estate 101
For more information on financing, or if you need a mortgage broker, contact Tracey Brock of Dominion Lending Centres.
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