- 627 41St ST Edmonton, Alberta T6X 2J2
- 200 - 120 East Beaver Creek Rd, Richmond Hill, ON L4B4V1
- Licence #: 13598
Self-employed mortgages are designed for those who receive their income from business or self-employment rather than an employer that pays a salary. This is because self-employed persons usually have a fluctuating income, while regular employees usually receive a regular income.
A self-employed mortgage is a non-traditional mortgage and can be accessed by people who run full-time or part-time businesses comprising partnerships, incorporations, and sole proprietorships. Self-employed individuals who are incorporated must own the corporation and receive a salary or dividend from it to qualify as self-employed.
The benefits of a self-employed mortgage include:
Self-employed individuals often face challenges when it comes to securing financing for a mortgage, as they may not have the traditional proof of income that lenders require. A self-employed mortgage provides a way for these borrowers to access the financing they need to purchase a home.
With a self-employed mortgage, borrowers may be able to use alternative income verification methods such as bank statements, business financial statements, and other financial records, which can be especially helpful for those with irregular income or who are self-employed.
Self-employed mortgages may allow borrowers to access higher borrowing limits than traditional mortgages, which can be helpful for those looking to purchase a more expensive property.
Owning a home through a self-employed mortgage can provide an opportunity to build equity over time, which can be a valuable asset for long-term financial stability.
627 41St ST Edmonton, Alberta T6X 2J2
200 - 120 East Beaver Creek Rd, Richmond Hill, ON L4B4V1
Licence #: 13598
