In today’s mortgage market, almost a third of Canadian are self-employed and that number is steadily increasing. Self-employed Canadians will find that when it comes to their mortgage, lenders and banks will require more in-depth verification of their income.
As the rules and regulations around mortgages continue to quickly change, self-employed Canadians have seen their mortgage qualification tied to their reported income. Often times, due to deductions, the income that self-employed Canadians show on their taxes does not match up to the reality of their earnings – creating a disconnect between what they qualify for when it comes to their mortgage and the amount they could actually afford.
There are solutions for mortgage financing in these scenarios with lenders that specialize in self-employed mortgages, which the Monsters can help you out with! Watch this episode to find out the Monster Math between a bank rate and a business for self lender rate:
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Now that we are on part 3 of our Self-Employed Mortgages Series you’ve probably come to the realization that you won’t go to a bank for your next mortgage. You’re better off sticking to the business for self lenders and paying a slightly higher rate, but keeping more money in your bank account. Watch our last episode in this series to find out what you will need to qualify with a business for self lender:
If you would like to learn more about mortgages in Canada and get the latest news on the mortgage market, read our blog at www.monstermortgage.ca/mortgage-news. If you have your own questions, feel free to send them to www.monstermortgage.ca/contact or to firstname.lastname@example.org
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