Self-Employed Mortgage

There's no better time to be self-employed and looking for a mortgage! Times have changed and not only private lenders, but banks are looking at the self-employed in a favourable light.

Self-employed individuals are go-getters and even banks are looking at those with home businesses or other self-employed work in a more favourable light. Financing your new home or leveraging the equity in your current home is easier now than it has ever been. In the past, self-employed individuals had the big hurdle of proving their income to support a mortgage. Many people had financial statements showing little income for income tax purposes; when it came to borrowing, they got stung.

The Canadian mortgage industry has addressed the uniqueness of the self-employed and no longer do you have to prove your income. That's right! Your credit rating will speak for you because it will demonstrate your willingness to make your payments. Depending on the loan to value ratio of the mortgage, you may be required to provide your NOA (Notice of Assessment) to show you do not owe Revenue Canada. You also have to show that you have been self-employed for three years (business license).

If you are a first time buyer, you will have to provide proof of your down payment. Simply put, a good credit rating is your best friend when shopping for a self-employed mortgage. It's great to see the financial industry changing to meet the needs of the changing workforce. MortgageLand.com professionals look forward to answering all your questions and finding the perfect mortgage for you!