Self-Employed Mortgages

Self Employed Mortgage Broker in Mississauga

For the most recent types of mortgages, small business owners or self-employed individuals mortgages have become more commonplace. These days, more people are starting businesses, working for themselves, or working on contract instead of opting for a salary. There are advantages in doing so, like certain write-offs for personal expenses and paying less during tax season. However, a significant disadvantage is that you may not be able to qualify for a mortgage.

To keep up with these trends in the job market, there are now more options in place for self-employed individuals. When you work with expert mortgage specialists, like our team at sMpMortgages, we can help you secure a mortgage by guiding you through the application process. We will assist you in proving your income through personal tax forms so that you can obtain a mortgage comfortably. We take pride in our expert services that contribute to self-employed individuals qualifying for a mortgage.

Why work with a mortgage specialist?

Our mortgage specialists have multiple solutions for self-employed individuals. The reason that so many people choose mortgage specialists over chartered banks is that these banks require too much paperwork, making the process complicated. You need to provide detailed proof of current and future income, financial statements, and an extensive list of documents. Many people find this process too daunting, which is why we simplify the process for you.

What options are there?

We have created loan programs that are tailored to self-employed individuals. Instead of an exhaustive amount of paperwork, we offer approvals based on the amount of time being in business and the property type or location. That way, you can have more flexibility with mortgage options when it comes to the kind of home you are interested in buying. Since being self-employed or a small business owner is incredibly hard work, this shouldn’t be held against you when you want to apply for a mortgage.

What can lenders do?

We partner with lending institutions that can provide you with the best offers; for instance, they will permit 5% down on a home purchase, no matter what taxable income you have. Some of our lenders even offer a refinancing option to 90% of the home value with no proof of verified income.

Here are some popular options:

The Low Doc Mortgage

A Low Documentation Mortgage is when you buy a new property or refinance your current home for up to 90% of what it’s worth. A significant benefit of this type of mortgage is that no income required for it — the lender will approve it via your credit rating.

To qualify for this type of mortgage, you must have a strong credit history, proof that you have obtained self-employment for a minimum for three years, or purchase a property close to a major centre. If you want to know if you qualify for this type of mortgage, get in touch with our team at SMP Mortgages, and we can discuss it with you.

The No Income Mortgage

A No Income Mortgage allows you to buy a new house or refinance your current home for up to 80% of its appraised value. This type of mortgage does not rely on a high credit score — if you have the funds for a 20% down payment, you can qualify for various kinds of mortgages.

Use our handy mortgage tool to see what works for your budget.

What other factors help with getting approved?

While individuals in all types of financial scenarios can secure approval for a mortgage, other factors can help ensure that you are successful. First of all, if you are self-employed and have a history of good credit, then you are likely to receive some of the lowest rates possible. While having good credit is beneficial, know that it is not an absolute requirement for obtaining a mortgage. It is essential to purchasing a prospective new house in or near a major city.

At sMp Mortgages, we are passionate about securing mortgages for all our clients. We have worked tirelessly for the past decade to bring solutions into the Canadian mortgage sector, and stand by our exceptional services. If you are a self-employed individual who thought that they would never qualify for a mortgage, now you know that it is in the realm of possibility. To discuss your options, give us a call today at 1-844-MY-PLAN, email us at mortages@startmyplan.ca, or fill out the contact form on our website.

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Call Us Now 1.888.416.8607
Once you complete the form, we'll call you to discuss your goals. We'll ask a few questions, go over any questions you have, then provide you with a few no-obligation quotes tailored to your scenario.
Call Us Now 1.888.416.8607
Once you complete the form, we'll call you to discuss your goals. We'll ask a few questions, go over any questions you have, then provide you with a few no-obligation quotes tailored to your scenario.