- How many years must you be self-employed before you can apply for a mortgage in Toronto?Majority of the lenders prefer an account of 3 years or more at your name for being able to lend a mortgage. This time period allows them to gain perspective and insight to the details of your financial income and expense records.
- Is it possible to obtain a mortgage with one year of self-employment?If your work is verified (for 24 months approx.) and you have an experience of being self-employment for even less than an year then you can get a mortgage provided your business has been active all this time. Hence it is possible to get a mortgage with one year of self-employment.
- How much can a self-employed person borrow for a mortgage?The fact that you are self-employed may not be problematic for you getting a mortgage as you think. As long as you have an experienced broker by your side, there is very less to worry about. You might as well get lower interest rates and better monthly payment schedule.
- For self-employed people, do mortgage lenders consider gross or net income?The popular method is to have a look at your gross incomes and not the net income. You might have a lender compute your gross monthly income over the course of two years and then divide it by the number of months in the year.
- Are self-employed mortgage rates higher than conventional loan rates in Toronto?In contrast to the previously known conventions, time is changing and so are the regulations. Getting a mortgage at the same interest rate as the conventional ones are now within the reach of all the self-employed people. No discrimination is faced by those who are self-employed and work hard to make the ends meet.
- When you are self-employed, what are your options for buying a house?The options available for you to buy a house while being self-employed are not thin. You can choose from getting a joint mortgage, a signer for your loan or get a bank statement loan. The options are available and it is the matter of only getting proper guidance to be able to get a house.