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Self-Employed Mortgage Durham Region

What Is A Self-Employed Mortgage?

A self-employed mortgage is a type of mortgage where a self-employed individual is not able to declare their income, making it hard for them to get approved by a bank or a conventional lending institution.
Self-employed individuals have a different way of declaring their income than people who are employed full-time. Their declared income is not always large enough to help them get qualified for a traditional mortgage. In today’s day and age, many Canadians are leaving their comfortable 9 to 5 job and going after their dreams and setting up their businesses and enjoying being a business owner. Furthermore, they also enjoy writing off business expenses, taking advantage of the tax benefits and rewards.
Many shouldn’t be surprised that self-employed individuals have preferential tax treatment, and can help them save tens of thousands of dollars annually in income taxes. By being in business for themselves, they can save a lot and can legally write off business-related expenses. These above-mentioned savings are the reasons why many start their own business.
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If you are an incorporation, you can compound the savings at a much lower tax bracket. Please speak to our expert team to find out more about the potential tax benefits of being self- employed. Even though the benefits are endless, there is however one con that many self- employed individuals face. With the recent changes to mortgage rules, financing for a mortgage as a self-employed individual through a major traditional lender can be a hassle.
Even though all of the borrower’s personal and business accounts are at one bank, at times, their application can still get rejected. If you are a self-employed individual or a part business owner, then there is a large chance that many banks will not approve your mortgage request. It is because you may be declaring your income in a non-conventional way to save on income tax.

Banks will often at times out borrowers through a long and stressful process to eventually reject you at the end of it. Securing a mortgage while being self-employed is a tad bit more challenging, but can be achieved by working with a trusted mortgage professional like My Mortgage Approved. We work with several lenders to help ensure you get the best rates and terms as a self-employed individual. For more details, talk to our team today.

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Self-Employed Mortgage

Is it difficult securing a mortgage as a self-employed individual?

Even though it is difficult securing a self-employed mortgage, it is not impossible. At a bank, it can be hard and the process is stressful. Most traditional lenders require the borrower to submit specific documentation on their income, credit score, net worth and much more. Self- employed people must provide the lender with an income application that most traditional banks will not accept. Stated income is nothing but an individual claiming to earn income. Even though a lender cannot accurately calculate the certainty of the stated income. The more proof you can provide to the lender, the better your chances of getting approved for better rates and terms.
If you are self-employed, turn to My Mortgage Approved for:
  • A mortgage loan
  • A loan for home improvements
  • Financing for your other personal requirements
  • Consolidating debt

Advantages of a self-employed mortgage:

Do you need to borrow a large sum of money for a home renovation project or to pay for your children’s tuition? If yes, then a HELOC might be the right option for you. Below mentioned are reasons why a HELOC makes financial sense:
  • Save money on taxes
    As a self-employed person, you have the benefit of saving thousands or even hundreds of dollars annually in taxes. Having a self-employed stated income, you can continue to save on taxes while at the same time being able to qualify for mortgage rates and terms that are competitive.
  • Quick and easy approvals
    Instead of waiting for weeks, or in some cases even months to get a conventional mortgage approved, however, it is not guaranteed, there is a possibility your application can get denied. With us, you can get approved for a self-employed mortgage without enduring the stress you will get from a bank or a conventional lending institution. In most cases, we can get your request approved on the same day. Based on how complex your loan request is, most lenders will hesitate to lend to you, however, if all the documents check out, they will close the deal in as little as 48 hours from the time you submit your mortgage application.
    Even if your credit score is bad, or you have a lot of high-interest overdue balances, you can still qualify for a self-employed mortgage. Contact the team at My Mortgage Approved today to help find a mortgage solution that benefits your specific needs.
  • Qualify for a higher mortgage amount
    With a self-employed mortgage, you can qualify for a higher mortgage amount if the lender accepts your stated income application. Whereas a traditional lender will only consider your declared net income after deductions.
  • Secure the best terms and lowest rates
    A few mortgage lenders offer special low rates and terms to help self-employed individuals secure a mortgage. If you can save up a large amount of money as a down payment, including providing stated income, you can qualify for a mortgage and secure the best mortgage terms and lowest rates. Our mortgage experts can help calculate this on your behalf through an online mortgage calculator or you can do this by yourself.
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Book an appointment with My Mortgage Approved today!

At My Mortgage Approved, we help self-employed individuals looking for a mortgage to secure their dream home, or for their personal needs. With our wealth of experience in the industry, we have built strong relationships with various mortgage lenders to help tailor a loan to meet your needs. We are well aware that many self-employed individuals are in a far better financial position than few salaried individuals, therefore, we shop around to try and secure the lowest mortgage rates for themselves. If you are self-employed and looking for a mortgage, please do not hesitate to contact us today to find out more. Call us today at +1 (416) 893-7589 for a free, no-obligation estimate.
Call us today at +1 (416) 893-7589 for a free, no-obligation estimate.

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409 Matheson Blvd E, Mississauga, ON L4Z 2H2

Mortgage Agent Licence #:M21003616
Brokerage#: 12147

Independently Owned and Operated

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