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Self-Employment Mortgages in Mississauga

December 4, 2012

Let's Talk about Self-Employment Mortgages in Mississauga

If you live here in Mississauga and are looking for a self-employment mortgage for a new condo or home you might be quite surprised at the reaction you get when you apply if you have never asked for a home loan before. There are a lot of mountains that you may have to climb in order to get approved for a loan. Although it may not seem right, it's just the way it is right now.

 

Self-employment is hard work

You know it is. You have a lot of responsibilities on your shoulder and while others are thinking that you have the easy life you are actually putting in time at all hours of the day. You put everything else aside, especially while you are building up your business, including your family, your finances and in some cases your health. Hopefully it all pays off for you in the end so that you can sit back, relax and have the good life that you dream about. This includes  buying a condo in Mississauga that you can easily afford.

 

The banks don't recognize your hard work

They still have a thing going on with self-employed individuals. We're talking about traditional banking institutions here - the ones that you see at every street corner.

When you're self-employed there are certain write-offs that you can use to help reduce your taxes and this is all perfectly legal. The problem is that once you make these claims it shows that you may not be earning enough money to sustain a house purchase. You're going to have to show a lot of documented proof of your income including your tax statements to the bank and this proof will need to go back at least two years. In other words, if your business has started to take off within the last six months and you could perfectly well afford a house now, the year and a half prior to the six months will be looked at and you may not get approved.

 

There is a solution

Work with a Mississauga mortgage broker. These brokers handle self-employed individuals and couples that are applying for a mortgage all the time. They know lenders that will appreciate all the hard work you have put into your business. There are a lot of other lenders available out there aside from the traditional banks that are a lot more flexible when it comes to self-employed hard workers.

If your bank has turned you down for a self-employed loan you need to talk to a Mississauga mortgage broker before turning in the towel completely. If your business is doing well and you have the documents available to prove it, there are a lot of lenders that are very interested in working with self-employed people. After all, almost 20% of the workforce in Canada is made up of individuals that put their own time and sweat into developing new businesses.

 


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Sterling Wong
Broker of Record

Search Realty Corp.
Brokerage
Independently owned and operated

50 Village Centre Pl Suite 100, Mississauga, ON L4Z 1V9
 
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