How Edmonton based self-employed professionals are getting the best mortgage rates

How Edmonton based self-employed professionals are getting the best mortgage rates

One of the most apparent advantages of being self-employed is that it gives you the freedom to write off many personal expenses and pay a lower income tax. This is the reason why many people across Canada are opting to show self-employment or contractual employment. In fact, nearly 20% of all income earners throughout Canada have some kind of self-employment, even if it is part-time to gain tax benefits. However, one of the biggest downsides of being self-employed is that it can be quite difficult to prove your income. This means that when it is time for you to apply for a mortgage, you may not qualify for a higher mortgage value, or in some cases, not qualify at all.

Self-employed mortgage

Self-employed mortgages are those which are geared to Canadians that claim self-employment. Self-employment implies that own a business, firm or consultancy. Mortgage agents have access to many independent lenders and can negotiate for the best mortgage rates on your behalf.

s an independent business owner, you need to furnish your recent bank statements from the last two quarters, business license or an article of incorporation and invoices or contracts. These form the basis of your mortgage application and helps potential lenders to decide the best offer they can give to you. However, it is important to note that sometimes even though you may have qualified for a self-employed mortgage in the past, it doesn’t mean that you will qualify for it again. Mortgage rules and regulations keep changing. Hence, your income and finances may have a different outcome than your previous mortgage experience. As the government has tightened its grip on taxation, mortgages have become even more difficult to obtain. In addition to the base documents discussed above, you may still need to give more proof of your financial stability. These may include your statements, credit history reports, proof that your down payment has not been a gift, your HST has been paid in full, and your business credit score.

Qualifying for a mortgage is tougher than you think and is going to get tougher as the government tightens its grip over taxation. If it is tough for you to obtain a self-employed mortgage due to any reason, you can get your mortgage co-signed. There are two ways that you can co-sign a mortgage. First, as a co-borrower with someone who will co-own your home or getting a guarantor, who does not co-own your property but takes the responsibility of the loan if it defaults.

Getting a mortgage when your self-employed can be difficult, especially navigating through the maze of taxation, credit score, finding the right lender, getting the best mortgage rate, etc. As there are numerous parameters involved, it is best to trust a reputed and experienced mortgage expert such as Collin Bruce to get sound advice on how to proceed with a self-employed mortgage correctly. Under their team guidance, several Edmonton-based self-employed professionals have realized their dream of obtaining mortgages at competitive rates.

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“Collin and his team were fabulous. Working with them met and exceeded our expectations. They kept in constant communication throughout the process and worked to make sure everything went smooth.”

Dumebi (Red Deer)