January 26 2022
Finding the right mortgage and getting approved is essential for any homebuyer. However, when you’re self-employed, the requirements are slightly different. At Homewise, we help self-employed home buyers across Canada by finding them the best mortgage and guiding them through the process at every step. If you’re self-employed and require assistance in finding a mortgage, here’s how Homewise can help you.
Many self-employed people believe that they can’t get a mortgage. The main reason for this is that they likely go directly to their bank or a traditional broker who only works with a couple of lenders. At Homewise, we work with over 30 banks and lenders, and shop around for mortgage options that align with your unique needs. Our goal is not only to get you approved, but also to find you the lowest rates and best features available in the market. Only focusing on lenders who are friendly to self-employed Canadians.
If you’re self-employed and applying for a mortgage, you’re required to prove that you have a stable source of income with at least two years of tax documents. Lenders typically average out this income to determine if you qualify. In the event that your income decreases from one year to the next, lenders will assess you based on your lower income. Also, in some situations, depending on the nature of your business, it can be difficult to verify income in a way that meets the criteria of traditional lenders. The great news is that when you apply for a mortgage with Homewise, a dedicated Mortgage Advisor will help you maximize your affordability with lenders that offer stated income programs. These programs allow borrowers to apply for a mortgage without providing traditional income verification.
If you’re self-employed and have questions about the mortgage process, refer to our inventory of relevant resources and tools. Our BLOG features checklists and guides that cater to a variety of topics, questions and requirements when it comes to understanding mortgages. We also have a series of calculators available to give you a better idea of expected CLOSING COSTS, MONTHLY MORTGAGE PAYMENTS and your home AFFORDABILITY as it relates to a potential home purchase.
In the end, we want to help you get approved for your best mortgage fast, easily and stress free. If you're self-employed and currently looking to get a mortgage, our team is here to provide you with unbiased advice and key information you need to get approved. One of the best parts is that you can get started with a pre-approval to better understand your options and affordability in just 5 minutes here.
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