At Brevity Mortgages, we understand that self-employed individuals and business owners often face unique challenges when applying for a mortgage. Due to tax deductions, your income may appear lower than it actually is, making loan approval more difficult. This is where we come in to assist you in securing a self-employed mortgage in Canada.
Although bankruptcy can sometimes be seen as a way to escape financial struggles and start fresh, it’s generally frowned upon by lenders. However, if your credit history was strong and consistent before filing for bankruptcy, lenders may still consider your application for a self-employed mortgage in Canada.
Offering a higher down payment can work in your favor. If you put down 20% or more on a property purchase, lenders have more flexibility and may be more willing to approve your self-employed mortgage application.
Private mortgages can be a short-term solution to help you rebuild your credit and complete a two-year self-employment period. This could improve your chances of securing a self-employed mortgage in Canada over the long term.
One among the following should affirm at-least two (2) years of business-for- self tenure:
