Do not trust your mortgage to just anyone, use a Toronto self employed mortgage broker for fair and quality service. A self-employed mortgage broker works with you to make sure that you get the most out of your loan. You work hard, let Everything Mortgages work for you.
What are the challenges of obtaining a mortgage?
As a self-employed individual, you face an uphill battle. Those with paychecks on file with the government have enough to worry about without needing to prove their income. You need to prove to the bank that you are stable and capable of affording a home.
Pay stubs, months of income, and years of tax returns will help you prove your income. It is rewarding to work on your own, but this does come with a burden of proof.
How to Get a Mortgage When you are Self-employed
The first step to obtaining a mortgage is to start accounting for all your income. Make sure you have taxes on file, a point of particular importance if you work a tipped side job. Every little bit counts.
Once you can prove your income going back 30 days, have several years of tax returns in your possession, solid credit, and proof of payment for housing, you are ready to reach out to lender. This data proves your stability and ability to afford a home.
Working with a Mortgage Broker
As the best mortgage broker in Toronto knows, you are looking for a home, a place you can be proud of. We strive to help you reach your potential without overstepping your means.
Our Toronto self-employed mortgage broker can supply you with all the information you need and help you set your price point. Self-employment is a riskier venture than working for a company but can also help you afford more with many who set out on their own earning twenty percent or more over their current salaries.
Will self-employment effect my mortgage rates?
One of the many concerns faced by the self-employed are potentially higher interest rates. Banks view your situation as riskier.
Even if this is not necessarily true, the numbers do not lie. The documentation trap is real.
Decreasing my Mortgage Rate
It is not impossible to receive a fair deal. You can improve your standing by proving yourself elsewhere when you do not have an employer.
Try to:
- Increase your credit score
- Retain all records of your income
- Build up a bigger down payment
- Incorporate and pay yourself from your business
The benefits of finding the right mortgage broker include an understanding of your situation, a willingness to work with you, the ability to help you prove your income, better interest rates, and unique borrowing capabilities. You can afford a home.
Mortgage broker for self-employed borrowers
A mortgage broker for self-employed borrowers is a necessity for anyone who works for themselves. A Toronto self employed mortgage broker can help you maximize your potential.
Give Everything Mortgages a call at 416-840-6368 or 416-850-5153 today.
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