Obtaining approval for a mortgage when you are self-employed can prove to be more challenging than for those who work for someone else and receive steady paychecks on a regular basis. For the self-employed, there is more scrutiny and tougher stipulations when trying to qualify for a self employed mortgage Oakville to finance a home in this city and surrounding areas.
Generally, banks and other traditional lenders require more financial paperwork and documentation before approving an entrepreneur for a mortgage due to the variability and fluctuation of their income. At MortgageMedics.ca, you will be put in touch with an independent mortgage agent who can help you find a lender that understands your needs and will provide you with the appropriate mortgage you require to finance your home.
Mortgages For the Self-Employed
Banks and traditional lending institutions may consider those who are self-employed risky borrowers due to their sole reliability on their own profits, which may or may not be consistent. Often, traditional lenders may either offer unfavourable mortgage packages, or may turn down the self-employed completely, which can be rather frustrating.
By using the services of an independent mortgage professional, you can dramatically increase your odds of obtaining approval for a self employed mortgage in Ontario that is satisfactory to your situation. Mortgage agents understand what it’s like to be self-employed, and realize that your business’ net income isn’t necessarily completely reflective of what your earnings and repayment capabilities are or can be.
A mortgage broker has developed relationships with a variety of different types of lenders, who often have varying types of mortgages available to home buyers. Your broker will be able to locate a lender who is willing to work with a self-employed home buyer that meets all other necessary criteria for being approved for a mortgage.
The specialists at www.MortgageMedics.ca will gather all your information pertaining to your business and finances, and through the Dominion Lending Centres connections, will do their best to find a lender that will be able to offer you an appropriate mortgage package at the lowest rate possible. Give their team a call today and see how their expertise can help get you approved for a mortgage to help finance your home.