Discover Tailored Second Mortgage Solutions to Unlock Your Home's Equity and Achieve Your Financial Goals in Toronto.
Of course, there are many great incentives for being your own boss, such as flexibility, independence, and the ability to pursue a dream. However, when it comes to obtaining a mortgage, being self-employed can seem like an uphill struggle in many instances. It’s a little bit more complicated-there’s more documentation required, with variable income. We’re here to make things a heck of a lot easier.
If you are self-employed and looking to buy a home, refinance, or even invest in a property, we can guide you through the challenges and secure the mortgage you require. We have vast expertise in supporting entrepreneurs, freelancers, and small business owners, and we understand that their financial situation is not as straightforward as a regular paycheque.
When you work for yourself, it means that your income will be looked at a little differently by a lender than it would be if you were salaried. Traditionally speaking, mortgage lenders have based much of their lending on predictable income and a steady work history; if your income varies month to month-or you deduct business expenses-the process can just be a little more complex.
Income Documents: Generally, salaried employees have to show pay stubs and a letter from the employer to prove income. In the case of a self-employed borrower, income needs to be demonstrated through two to three years of tax returns, business financial statements, and sometimes additional documentation such as contracts or invoices.
Variable Income: Many self-employed people have variable income from one period to the next, based upon seasonal needs of their business or a fickle market. Lenders will often take an average of your earnings over a certain period of time in determining your qualifications, which may prove detrimental or advantageous in regard to approval.
The problem is that the self-employed can get themselves into trouble with deductions and write-offs that reduce their reported income to offset some of the above expenses. The lower your income, the more it may appear you cannot afford the mortgage when your actual cash flow is much higher than what you need to qualify.
There is no reason why obtaining a mortgage as a self-employed person needs to be a source of angst and stress. We have experience with hundreds of clients just like you and understand the intricacies of self-employed mortgages. Our team is here to make sure you receive the support and guidance you deserve as you secure the best mortgage for your situation.
We understand that every self-employed borrower has something different. We take the time to understand your unique financial situation and craft mortgage solutions to fit your needs.
Not all lenders are willing to work with self-employed people, but through our wide network, we do have access to so many specialized lenders in self-employed mortgages.
We take the hassle out of the mortgage process by guiding you through every step. We help gather the right documents, explain them in simple terms, and work with lenders to get you approved.
Whether your income is from multiple streams, is variable, or has a lot of deductions, we've got the experience to present your case in the best possible light to the lenders.
Getting a mortgage while being self-employed can be an exercise in tedium, often, but it actually doesn’t have to be that way.
We begin with a discussion regarding your goals, your business, and your financials. This gives us an understanding of what exactly you need and how we can help.
One of the crucial steps to self-employed buyers. It assures the seller that one definitely means business and secondly gives a proper perception of how much house one can afford. We work with our lenders to get you pre-approved, especially for incomes that might be a little bit more complex.
We will help you gather all documents needed by the lenders for due diligence on your application. This usually consists of income tax returns, profit and loss statements, business financials, and sometimes bank statements or contracts.
Once everything is in order, we'll match you with a lender that understands self-employed income and can give you highly competitive terms. We work with a wide array of different lenders-from traditional banks to alternative lenders-so options will be plentiful.
We can do it on your behalf and negotiate for the best terms of a mortgage. We know how to present your case in a way that brings out your financial stability even if your income fluctuates.
Once your mortgage is approved, we will manage all the paperwork and coordination with your real estate agent, layer, and lender to make the closing seamless.
When discussing securing a mortgage, the self-employed and their accountants view a number of challenges unique to them.
We work with lenders who know income for self-employed varies. We can smooth out those ups and downs by averaging your income over a couple of years-or we can present your financials in a way that shows them what you are truly capable of earning.
Many self-employed borrowers reduce their taxable income by writing off business expenses. That's great from a tax standpoint, but it makes you appear to earn less than what you need for a mortgage. We work with lenders who will use your gross income and other financial factors to determine what you truly can afford.
This is where things get a bit different: If you don't receive traditional pay stubs, we'll help you present other forms of proof, such as business contracts, invoices, or bank statements. We make certain that your lender has a full view of your financial health.
We understand being self-employed means you have worked hard to build your business and manage your finances. We’re here to help you lock in the right mortgage for your goals, without the stress and confusion that can come with the process.
Expertise in Self-Employed Mortgages: Having worked with hundreds of self-employed individuals, we know how to position your financials in the best possible light.
Lender Outreach: We have an extensive network of active lenders who understand self-employed borrowers and are in a position to grant high rates with extremely flexible terms.
Personalized Service: We take the time to learn about you, your business, and what you need. We take a personal approach-not a one-size-fits-all method.
Ongoing Support: We will be here for you throughout the mortgage process and afterwards. Whether you refinance, renew, or seek advice at a later date, we are always available to you.
We're here to answer your questions and get you on your way to the best Home Loan experience.
