Self-Employed Mortgage vs Traditional Mortgage?
Self-employed mortgages are specifically for borrowers who work for themselves and do not earn a fixed salary or wages from a third-party employer. The title includes businessowners of sole proprietorships, partnerships, and corporations. When it comes to incorporated self-employed individuals, they are considered to be self-employed if they own the corporation and earn a salary from it. Shareholders who are not employees of the corporation and only receive a dividend are not self-employed.
When you apply for a traditional mortgage, the lender will look at the net income that you declared on your last tax return. For those who are self-employed, this amount can be much lower due to tax deductions and claimed expenses. A self-employed mortgage takes those differences into account and provides more flexibility with how your income is reported.
There are plenty of advantages when it comes to opting for a self-employed mortgage:
Get Access To Competitive Rates
Achieving home ownership can be within reach for the self-employed! With a sizable down payment and evidence of sufficient income, you may qualify to become part of Canada’s housing market through a specially tailored mortgage.
Plus, with Canadian Mortgage Housing Corporation insurance available as an option – your dreams might just come true quicker than expected.
Qualify For A Higher Mortgage Amount
Are you looking for a self-employed mortgage? If so, then look no further! At Northwood Mortgages, we understand that you need to make sure that your finances are in order before applying for a mortgage.
With our stated income mortgage program, we provide a simplified process designed to help you get approved for higher loan amounts than traditional mortgages.
We also have knowledgeable staff who are here to answer any questions and guide you through the process. Don’t miss this opportunity – contact us today and see what we can do for you!
Get Approved, Fast.
Get a Mortgage Approval in 24 Hours or Less
A self-employed stated income mortgage is a great way to get the best of both worlds! Not only can you save on taxes, but you can also qualify for competitive fixed and variable mortgage rates and higher loan amounts than with traditional mortgages.
Unlike the traditional waiting game with regular mortgages where you play a back-and-forth game for weeks on end, you can get approved for a stated income mortgage in a matter of hours with Northwood Mortgage.