While many Canadians take advantage of self-employment opportunities, those who are self-employed sometimes face roadblocks when they are in the market to obtain personal financing, such as a mortgage or vehicle loan. Proving self-employment income, and income stability for the years to come, can be difficult for new business owners. Getting approved for a mortgage when you’re self employed has it’s challenges.
Many Canadians have successful small business ventures and would not trade the lifestyle for anything in the world. However, many begin to question their lifestyle and business choices when they attempt to obtain financing for their home, or even something as simple as a new credit card or vehicle. The nature of self-employment income can sometimes leave the self-employed looking like poor credit risks for a mortgage, even though they may actually have a more stable source of income than those who are working 9 to 5 for an employer.
Thankfully, Canadian mortgage lenders are starting to understand the importance of self-employment in our culture, and are making great mortgage programs available to the self-employed to finance their primary residence and even their vacation homes.
Licensed mortgage professionals are experts at assisting self-employed individuals with getting a mortgage, and they will ensure you get the best mortgage available through one of Canada’s largest lenders.
Obtaining a mortgage if you’re self employed has never been easier, and you will be excited to learn that the mortgage products available today are structured to help you succeed in your business and your personal life.