Shant Nalbandian: A Self-Employed Mortgage Broker in Toronto
Concerned about obtaining a self-employed mortgage in Toronto? If you’re self-employed, do you have trouble meeting all bank requirements? Please don’t despair. SN Mortgage brokers team will help you with the entire process of getting a mortgage for self-employed borrowers at competitive rates.
Self Employed Mortgage Toronto: Uncover the Basics
Self-employed mortgages are designed for business owners and self-employed individuals who don’t earn a fixed income. When you apply for a private mortgage, the lender examines your tax return for your net income. As a business person, you have unlimited tax benefits and flexible working hours. Despite tax benefits and endless opportunities, many Canadian residents are leaving their 9-to-5 jobs to start their own businesses. Even though self-employment offers countless benefits, it is restricted by the availability of mortgage facilities. Changes in Toronto’s mortgage laws made it more challenging for those with own businesses to get a mortgage. Nowadays, it is nearly impossible to secure a traditional mortgage without a stable job. That’s why self-employed mortgages are so popular. To qualify for a self-employed mortgage in Toronto, you must work with a trustworthy mortgage broker since they can only furnish such mortgages. Top brokerage firms like SN Mortgages can help you find the lowest rates on mortgage for self-employed.
Opportunity for Business Owners
Business owners who work for themselves enjoy countless benefits, including the ability to get a self-employed mortgage in Toronto. Self-employed borrowers have a hard time getting a mortgage, even those with steady incomes face issues and strict rules when trying to apply. A bank or lender wants to feel secure when they deal with a business owner or self-employed person. Banks in Toronto will need a lot of documents, including business statements, financial planning, and your credit report. Business owners often ignore the fact that their taxes do not fully count toward their income. Due to this, you may be unable to qualify for a mortgage at all or one with a lower interest rate. In today’s economy, self-employed people have more opportunities and greater flexibility to qualify for a mortgage in Toronto with a certified mortgage broker. Get access reliable mortgage lenders at SN Mortgage and obtain a quick approval for self-employed mortgage. Apply Now and you’ll be approved in no time!
Call us: (416) 894-3976
Questions? We’re here to help!
Qualifying for a Self-Employed Mortgage in Toronto: What to Do
Have you ever wondered how difficult it is to obtain a self-employed mortgage in Toronto? The city has a high number of self-employed individuals, so getting a mortgage is very competitive, when compared to salary-based people. Self-employed borrowers must prove they have a steady income so that banks and other lenders feel confident about issuing them a mortgage.
The borrower is required to submit comprehensive documentation demonstrating their income is stable. A self-mortgage application usually involves personal tax notices of assessment from the last 2-3 years, as well as a self-mortgage application. If the individuals are successful in providing the evidence of their stable income, they will have access to the same mortgage rates as traditional borrowers. Those who can’t show proof of income will have to demonstrate solid credit history and pay a down payment of 10%.
The documents listed below will strengthen a self-employed individual’s case when applying for a mortgage.
- Business Financial Statements
- Evidence of fully paid HST and GST
- Personal and Business Credit Scores
- Business License
- Historical Financial Statements
- Contracts demonstrating future earnings
- Proof of Business ownership
- Business License
- Income tax returns for the past 1 to 2 years
- Notices of Assessment
- A receipt proving that your down payment was not gifted
Getting a mortgage for a self-employed person isn’t as difficult as it seems. With SN Mortgage, you can easily gather and submit all the required documentation for a self-employed mortgage application in Toronto. With our self-employed program, qualifying becomes much easier for you.
Call us: (416) 894-3976
Questions? We’re here to help!
Need a Reliable Self-Employed Mortgage Broker in Toronto?
When it comes to self-employment, things change differently as Toronto is a great city with a lot of high-end expenses and living costs. When you are self-employed, it can be difficult to get approved for a home loan, but with self-employed mortgage financing, it doesn’t have to be a stressful process. Here at SN Mortgage, we are happy to work with self-employed borrowers. Since we specialize in providing self-employed mortgage services for people living in Toronto and the surrounding areas. We are always available to help you get your dream home as quickly as possible. It is our goal to reduce your monthly payments and save you money. Fill out a Mortgage Request Form or call us today!
SN Mortgage – Best Alternatives for Self-Employed Mortgage in Toronto
Most banks have strict requirements that are not ideal for self-employed individuals. Individuals can have their mortgage applications rejected if they do not fit within the bank requirements. If you have substantial savings and good credit, but low income on paper, banks are less likely to approve your application for self-employment.
Don’t be discouraged, there are many ways to get a self-employed mortgage in Toronto. With SN Mortgage, almost everything is possible. It is the art of self-employment that monetizes your skills without having to carry a routine job that you might not enjoy. Being a leading self-employed mortgage brokerage firm in Toronto, we provide the most customized services to help turn the case of mortgage in your favor. It is our mission to assist self-employed individuals to secure mortgages for investments or to purchase their first homes in Toronto. We create outstanding offers you cannot refuse, whether you are looking for a rental property or want to expand your business.
Call us: (416) 894-3976
Questions? We’re here to help!
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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!
