Shant Nalbandian: Self Employed Mortgage Expert in Mississauga  

Having trouble getting a self-employed mortgage in Mississauga? If you're self-employed looking for a way to qualify for a mortgage or refinance. No worries, Here’s an option. A team of experienced mortgage brokers led by Shant Nalbandian maximize the chances of mortgage applications approval at reasonable rates for self-employed individuals.

A Brief Overview of Mortgage for Self Employed in Mississauga

A self-employed mortgage is a loan designed specifically for self-employed individuals whose income comes primarily from their self-employment. Borrowers who are self-employed take advantage by raising self-employed loans for commercial and residential properties, consolidate debts, and achieve a good credit score to strengthen their financial position. But it is not as simple as it seems. There are strict eligibility requirements for a mortgage for self-employed individuals. In Mississauga, traditional banks and private lenders scrutinized all documents as proof of borrowers' stable income to feel confident and secure about approving their mortgage applications. Moreover, A mortgage broker approves a self-employed loan if the borrower owns at least 25% or more ownership in a business. Lenders are primarily concerned with:

  • How stable is your net income?
  • In what part of the world does your business operate?
  • What type of business do you own?
  • What is the likelihood of the business generating sufficient income to pay off the new mortgage?

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Is it Difficult to Obtain Self-Employed Mortgage Loan in Mississauga?

Have you ever wondered how difficult it is to obtain a self-employed mortgage in Mississauga? The mortgage process has always been difficult for non-professionals. Business owners typically face challenges while applying for a mortgage and are rejected by conventional banks. Banks prefer employed borrowers with stable incomes over self-employed applicants for conventional mortgages, which makes it challenging for someone who is self-employed making it difficult for them to refinance their home or expand business. In contrast, private mortgage brokers have the expertise to simplify the process of getting a mortgage for self-employed individuals without a hassle.

At SN Mortgage, we not only provide easy to obtain self-employed mortgage loans, but also help you get the market competitive rates. With our help, business owners can find their dream home quickly and save on their monthly mortgage payments. Please Contact us or fill out our Mortgage Request Sheet.

The Pros of Getting Self-Employed Mortgage

These are some of the benefits you can gain from a self-employed mortgage to strengthen your financial position.

  • The availability of private mortgages is likely to be easy for individuals who are self-employed with all the necessary documents and meeting all the requirements.
  • Self-employed people have a greater chance of saving a lot of money on taxes than regular employees.
  • Business owners can choose between fixed and variable mortgage rules to get approval for higher mortgage amounts.
  • Self-employed borrowers can get customized and flexible interest rates from private lenders

The Cons of Getting Self-Employed Mortgage

In addition to the many advantages of a self-employed mortgage, there are a few drawbacks as well. Listed below are a few of the negative aspects.

  • Mostly, private lenders charge higher rates and higher fees for mortgages for self-employed people.
  • To qualify for a mortgage. A self-employed individual needs to employ an accountant to help them prepare all the necessary documents pertaining to income and taxes to prove their stability of income.
  • In the event of several mortgage applications being rejected for not meeting all the lender's requirements, your credit rating will be affected.
  • Self-employed individuals have lesser chances to qualify for a mortgage due to their inability to predict future income as compared to regular employees.

Imagine if we told you that there are no cons! YES, when you hire SN Mortgage broker onboard, we take full responsibility for getting you the lowest interest rates, gathering all necessary documents and helping you to qualify as quickly as possible.

Call us: (416) 894-3976

Questions? We’re here to help!

How Lenders Calculate the Income of a Self-Employed Borrower?

Mortgage lenders typically prefer borrowers with at least 24 months of self-employment before they approve them for a loan. Several sources will be examined to determine this, including two years of tax returns, a written verification of employment (VOE) from your CPA, or a copy of a business license. Lenders also calculate the self-employed borrower's eligibility based on their average income over the past two years and their annual income. Accordingly, if your net self-employment income in 2020 was $50,000, and $75,000 in 2021, they will consider your income to be $60,000, or $5,000 per month.

The documents required by an owner of a business are considerably more than those required by a salaried employee. In the case of a partnership, your lender will look at your most recent income tax return for the past two years as well as your business license. Your transcripts are also used by the lender for verification, and they do not consider your full tax returns.

Get Easy Approval on Mortgage for Self-Employed with SN Mortgage

It can be quite challenging to obtain a self-employed mortgage in Mississauga. For your convenience, SN Mortgage experts will assist you throughout the application process to save you time and hassle. We offer a multitude of self-employed mortgage loans for you to choose from. We are committed to providing you with the best and most reliable service when it comes to self-employed loans. We tailor our loan range to meet the specific needs of each client. In order to provide our clients with the best mortgage services in Mississauga, we provide them with detailed and technical information and a vast pool of lenders. For a FREE consultation, call us today at +1 (416) 894-3976. We have low rates for first-time home buyers and self-employed borrowers at SN Mortgage.

Call us: (416) 894-3976

Questions? We’re here to help!

Shant Mortgage Brokerage Involves the Following Services  

Frequently Asked Questions

  • What is the minimum deposit required for a self-employed mortgage?
    For a self-employed mortgage, a minimum of 12 to 15% of the deposit is based on the current market evaluations. But this also comes with conditions such as having a well-established self-business with an experience of over 3 years and account statements as evidence to support your application.
  • What are the chances of getting a mortgage without income proof?
    While you cannot get a mortgage without a proof of income, but you can get it using non-conventional proofs of income such as pay stubs, tax returns etc. Lender allows you to use documents such as your bank statements to prove that you can pay back the mortgage loan.
  • If I make 35k a year as self-employed, can I buy a house?
    For the bracket of income, the maximum you can do is land a house pf $105,000 but where would you get a house of that cost in this economy. If you are single then this may be tough for you but for a couple, the income brackets improve significantly, and a better home can be bought.
  • How many months of bank statements do you need for a self-employed loan?
    Typically, 2 months of the most recent bank statements are needed by the lenders to have a look at your financials along with the mortgage situation. The account statements are required for any account that maybe holding funds that you will use to qualify for the self-employed loan.
  • Do you need a loan or credit card debt to apply for a mortgage?
    It is better to clear all debts off your credit card before you apply for a mortgage. This significantly improves your credit score and allows you to have a better credit history as well. What you require are the financial proofs such as account statement, tax returns, your credit score etc.
  • Can you get a mortgage for self-employed with debt in Canada?
    You can get a mortgage for self-employment in Canada given you have a 2-year experience, and you have the proofs of income. Conventional as well as non-conventional work just fine for it. The debt that you might have needs to be documented and it will impact your approval chances just like it any other applicant.
  • We Want To Work With You Mortgage Request Sheet

    Shant Nalbandian is here to deliver exceptional mortgage solutions for each and every unique client need. We love nothing more than to help our clients save thousands of dollars on interest. Contact us for the latest in market info, and what it can mean for your mortgage. Simply fill out the request form here, and one of our friendly, knowledgeable agents will get back to you ASAP!

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