SELF-EMPLOYED MORTGAGES

Are you self-employed and looking to obtain a mortgage in Canada? While it may seem like a daunting task, with the right preparation and guidance, you can still achieve your homeownership goals. 

Here are some considerations to keep in mind when trying to get a mortgage as a self-employed Canadian:

 

 

Be Prepared To Provide More Documentation

 

Lenders typically require more documentation from self-employed individuals than they do from salaried employees. This may include tax returns, financial statements, and business documents such as articles of incorporation.

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Maintain Good Credit

 

Just like any other borrower, having a good credit score and a solid credit history is crucial when trying to get a mortgage. As a self-employed individual, your personal credit score will be taken into account as well as the financial standing of your business.

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Be Realistic About What You Can Afford

 

While it may be tempting to stretch your budget to purchase your dream home, it's important to be realistic about what you can afford. Remember to factor in any fluctuations in your business income and other expenses related to owning a business.

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Consider Working With A Mortgage Broker

 

A mortgage broker can help you navigate the mortgage application process and find lenders who are willing to work with self-employed individuals. They can also provide you with expert guidance and advice throughout the process.

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Build A Strong Financial Profile

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In addition to maintaining good credit, it's important to build a strong financial profile as a self-employed individual. This may include paying down debt, saving for a down payment, and increasing your income.

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Plan Ahead

 

It's important to plan ahead when trying to get a mortgage as a self-employed individual. Start preparing your financial documents well in advance, and be prepared to explain any fluctuations in your income to your lender.

 

At Swivel Mortgage Group in Markham, we specialize in helping self-employed Canadians obtain mortgages that suit their unique financial situations. Our team of experienced mortgage professionals is dedicated to providing you with expert guidance and advice throughout the mortgage application process.

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So if you're a self-employed Canadian looking to obtain a mortgage, contact us today to schedule a consultation and learn more about how we can help you achieve your homeownership goals.