ALL FOR ONE... Is 2015 the year you finally leap into entrepreneurship and start your own business? If so, youll need to talk to your mortgage broker about some financial particulars that apply specifically to the self-employed. According to Statistics Canada, over 2.7 million Canadians are categorized as self-employed. There are a number of eye-opening changes that come with being your own boss, not the least of which includes going through a whole different process in order to qualify for a mortgage. If you have plans to become your own boss this year or are currently self-employed and are looking ahead to applying for a mortgage, youll benefit greatly from the services of your mortgage broker to help you find and navigate through not only who offers mortgages for the self-employed, but also which lenders may have better terms than others for your employment category. Note that you would generally need to be self-employed for at least two years in order to qualify for a mortgage. Once you do start the process, one of the biggest hurdles has to do with how yo9ur income looks to the lender. While the advantages of self-employment allow workers to lower their taxable income by minimizing business expenses and personal deductions, those same advantages can work against the borrower by showing an income that may not, on paper anyway, be able to support a mortgage. Lets talk through all the issues that apply to your particular employment status and connect you to the lender most suited to your situation.
Posted on: Wed, 07 Jan 2015 16:55:02 +0000