Brevity Mortgages understands that both self-employed people and business owners face unique situations when it comes to getting mortgage loans. Due to tax write-offs, incomes can appear lower than they really are. This can cause problems during loan approval and application. This is where we come in and help you get a self-employed mortgage in Canada.
While some people may see bankruptcy as an option to get out of a bad deal and rebuild, lenders are generally not fond of bankruptcy. However, lenders may overlook bankruptcy if the credit history is good and consistent before filing for bankruptcy which in turn will help you secure a self-employed mortgage in Canada.
When a down payment of less than 20% is made on a property purchase, lenders are often held responsible by the insurer. However, when applying for a self-employed mortgage in Canada, if you offer a 20%or more than 20%down payment, the lender's flexibility increases. The lender or branch can decide if they wish to accept you as a client.
You could get a private mortgage for as little as 12 months. This will allow you to build your credit and finish a two-year self-employed period. Private financing is meant to be used as a short-term solution for a longer-term plan when applying for a self-employed mortgage in Canada.
One among the following should affirm at-least two (2) years of business-for- self tenure:
