Mortgage for Self Employed Individuals
Self-employment is one of the biggest trends in the world. But most of these nomads still need a loan to buy their own property. This is why we are ready to help you with the mortgage for self-employed individuals. However, there are several rules that you need to follow! To increase the chance of getting a loan you need to understand the lenders’ requirements and know exactly what questions will be on the interview.
If you run a small business alone or with a friend, if you get 25% of your business income, if you only get brief contracts, and if you are paid only on a commission you are self-employed!
You are not considered self-employed if you get a paycheck from your employer at the same time. It also considers a remote and part-time job. You are a regular employee with a regular salary.
The lenders check only two things in the beginning: the amount of the down payment and the possibility to pay off the mortgage. However, people with constant income have to demonstrate their gross income with paychecks when self-employed people have to demonstrate their net income.
Take these documents with you in order to demonstrate your possibility to pay a down payment and then able to pay off the mortgage:
– regular bank statement;
– tax return;
– balance paper;
– credit card account statement for your business;
– letter from your bank.
Not every lender works with a self-employed mortgage so it will be better for you to hire a mortgage broker. Mortgage brokers know many lenders and know everything about this market. In the end, the mortgage for self-employed individuals with good rates is possible if you get a specialist.
Our professional team is to help you with your first time home buying or buying a second home! The Ipoteka Mortgage founder Iryna Rudavska is 18 years in the mortgage business and knows every little detail of the process. We’ve had many different clients with different personal and credit stories. And due to our professionalism, every client has a home now. Iryna is the best mortgage broker in British Columbia. She helped many people to get their personal house and live the life of their dreams!
Your house is a real estate. And real estate is like a savings account! Make the right choices and contact us to get a mortgage.