If you are self-employed you know it harder to get mortgage financing when compared to the typical small business owner on a salary, who can produce a T4 slip. Since self-employed persons use accounting to report their income to the Canada Revenue Agency, and apply certain techniques which results in lower actual income, it’s harder for them to prove their earnings.
Getting a Self-Employed Mortgage
When self-employed persons experience difficulties securing self-employed mortgage, Brampton mortgage brokers at AKAL Mortgages can help. AKAL Mortgages has been helping Brampton residents with self-employed mortgages for over 15 years.
They can provide professional, accurate advice on a case-by-case basis to let you know about information requirements to get you the best mortgage rates. This can include:
- Documented proof of income – contracts, financial statements, tax returns and assessments
- Document proof of business registration and/or incorporation
- Positive cash flow
- Up-to-date income and property tax payments
- Positive credit history
- Sufficient net worth
- Overall savings
- Length of time you have held a job or resided at your home
- Down payment requirement
Our mortgage broker have access to a multitude of potential lender, such as national, regional and private lenders, trust and insurance companies, credit unions and even major banks, We also have access to other non-federal lenders whose requirements aren’t as strict for self-employed borrowers.
Increasing Equity on Your Brampton Property
Are you looking to increase your equity? Then consider re-advanceable mortgages, we can also go over this option with you too. What this means is that as our borrowers pay down their self-employed mortgages they will create equity on their property and the line of credit increase by the exact amount too. To access the additional home equity you’ve created, you don’t even have to fill out any sort of application, is super-easy, super-accessible, and super-flexible.
Freeing Up Your Time
When you hire a Brampton mortgage broker to help with your self-employed mortgage, this will free up a great majority of your time when it comes to actually securing your mortgage. Your mortgage broker can take over all of the tasks associated with this process, and work around your schedule, allowing you to keep your focus on your business.
A self-employed mortgage is probably one of the toughest to secure, so it only makes absolute sense to find a broker that has the knowledge and experience who understands your needs, issues and desired outcome. This is why many of Brampton’s self-employed choose AKAL Mortgages.
When we say YES! We stand behind our promise.
Get in touch today by calling our team of mortgage professionals at 416.621.1300 or apply online now.