Are you self-employed and looking for a new home? A self-employed mortgage might be the right option for you. Take one step closer to owning your dream home with the help of TurnedAway.ca.
We get mortgages approved!
I am Self Employed and Need a Mortgage
Learn more about self-employment mortgage solutions and how TurnedAway.ca can help you get fast approvals.
Mortgage for self-employed individuals is designed for borrowers who generate income through self-employment instead of receiving regular income from an employer.
The main difference is that self-employed individuals often have fluctuating income whereas employed individuals receive a consistent paycheck bi-weekly or monthly. Apply now or talk to one of our mortgage experts to learn more about your options.
Good credit isn’t enough to qualify you for a mortgage these days. Most major lenders for self-employed mortgages want proof of consistent and sufficient income to cover the money you are borrowing.
As long as a lender can make sense of an application and feels comfortable that the loan will be repaid and that they won’t lose their investment, they are more than happy to approve your applications.
Contact us if you require mortgage financing and are:
Having a broker who knows the ins-and-outs of mortgage applications and lending gives you a higher chance at getting mortgage approval faster and easier. That’s what we’re here for.
Don’t be discouraged because you have been turned away. Talk to us now and get your mortgage approved.
Self-employed borrowers have access to all major mortgage programs in Canada. Here is a brief comparison of the available loan options to explore:
Conventional Loans for Self-Employed
Conventional loans are offered by most Canadian lenders and require a down payment of at least 20%. Self-employed borrowers must have:
The loan amount will be based on the borrower’s income and creditworthiness.
The Canada Mortgage and Housing Corporation (CMHC) offers mortgage loan insurance for self-employed borrowers with less than 20% down payment.
The program has flexible income and credit requirements and may be a good option for those with non-traditional income sources. However, the insurance premium can be expensive.
These alternative lenders are more flexible in their lending criteria than traditional banks. Self-employed borrowers may find it easier to qualify for a mortgage from a B lender as they can use alternative income verification methods, such as bank statements or gross revenue instead of taxable income.
If you’re self-employed, a mortgage loan from a B lender may be the best option for you. TurnedAway.ca can help you get fast approvals and find the right lender for your needs. Contact us today to learn more.
Qualifying for a mortgage loan can be challenging, especially if you’re self-employed. However, with preparation, it is possible to secure a mortgage. Here’s what you need to know:
Prior to granting you a mortgage, lenders will require proof of the following:
To be eligible for a loan, you must demonstrate that you have at least two years of continuous self-employment income. Here are some documents lenders might ask for as evidence:
We understand that home loan applications can be complex, especially for those self-employed. We can simplify the whole process so you can fulfill your home ownership goals!
According to lenders, a “self-employed” individual is someone who either owns 25% or more of his or her own business or someone who does not receive a T-4. Here are some important self-employed mortgage considerations:
Loan Program Requirements
When applying for a loan, you must know that lenders consider more than just your current employment and income. The following criteria will also factor into the decision:
Lenders will carefully examine the property you are interested in purchasing and your financial situation.
If you’re self-employed and struggling to meet the requirements for a mortgage loan, TurnedAway.ca can help. We specialize in working with individuals with bad credit, unique income sources, and other challenges that may make it difficult to qualify for a traditional loan.
Contact us today to learn more about how we can help you get the mortgage you need.
To calculate your self-employed income loan, lenders usually analyze an average of two years’ earnings and break it down month by month.
Let’s say you have submitted your tax returns for the last two years, which report earnings of $65,000 and $75,000, respectively. A lender will use the following method to determine your eligible monthly income:
Using this calculation, the lender can assess your monthly income of $5,830, which can be used towards housing and other expenses.
As a self-employed individual, obtaining a mortgage loan can be challenging due to traditional lenders’ strict requirements. However, alternative programs such as bank statement loans offered by specialized Alternative A lenders can be analyzed for your business cash flow instead of just your tax returns.
TurnedAway.ca can provide expert guidance to help you secure the alternative mortgage loan you need. Visit our Alternative A Lenders page to learn more or talk to one of our mortgage specialists now.
Below are some of the pros and cons that come with being self-employed when seeking a mortgage:
Pros
Cons
At TurnedAway.ca, we aim to help you turn drawbacks into benefits and obtain the mortgage loan you are aiming for. Talk to one of our mortgage experts now and learn how we can turn your cons into pros!
If you’re self-employed, TurnedAway.ca is the best option for your mortgage loan needs. With over 30 years in the industry, we specialize in helping people who have been turned away by traditional lenders.
Our team of mortgage experts are available to guide you through every stage of the loan process and answer any questions you have along the way. TurnedAway.ca is your go-to mortgage solution provider that will bring you closer to the keys of your new home or property.
We’re proud to be top-rated among clients in Canada.
Not all lenders provide second mortgages since they come with more risk. But there are usually three options you can explore:
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