Let’s face it – getting approved for a mortgage can be a daunting task, especially if you don’t necessarily meet all the strict requirements of big banks. Getting approved for a mortgage, since the Canadian mortgage rules were made stricter, can be quite the challenge. Banks want to see a large down payment, good credit history, few loans outstanding, and proof of adequate income. But there are many Canadians who don’t necessarily have all these requirements. So what is a home buyer-hopeful to do under such circumstances?
Call an Independent Mortgage Broker
Your first step in trying to get approved for a mortgage, particularly if you have no proof of income, is to get in touch with a seasoned mortgage broker who is familiar with your type of situation. Look for a mortgage expert that specializes in hard-to-place home loans, who is located in the area where you are planning to buy a home. Jim Black of Mortgage Loans Alberta is one such broker who has plenty of experience helping Canadians obtain a no proof of income mortgage.
Mortgages For the Self-Employed
Being a self-employed entrepreneur can really have it rewards, including not having a boss, being independent, setting your own hours and being paid for what you are really worth. But even though you have a great deal of control over your business, you might not necessarily have the same degree of control over getting the mortgage you need to buy a home in Alberta. Big banks don’t really understand this type of dilemma, and inevitably penalize even wealthy self-employed people simply because they do not have the conventional type of income pay records that banks generally like to see.
At Mortgage Loans Alberta, they understand this situation, and connect you with lenders across Canada that work with self-employed mortgage seekers. With Jim Black’s team, they have experience to get you approved for the mortgage you need. They help many self-employed home loan seekers as well as those going through divorce, new to Canada and vacation home buyers.
If you find yourself in a position where obtaining approval for a mortgage is difficult because you are self-employed and don’t have conventional proof of income, then give Jim Black at Mortgage Loans Alberta a call at (877) 394-9422. They’ll help put you on the path to home ownership! They also do second mortgages, home equity loans and lines of credit as well as commercial mortgages.