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