Self-Employed Mortgages in Vancouver - Get a Mortgage with Self-Employed/Low Doc Income in BC
Does this sound like you? You have been in business for several years. You are self-employed but have a low net income on your tax return. You have been to your bank to try to get a loan or a mortgage and have been turned down.
Banks may not look at you as the type of borrower that they want to work with simply because you may not be able to verify your income or if you have used all of the business expenses to reduce your income on your tax return.
If you are that square peg trying to be fit into a round hole by your bank and are frustrated by the process and in need of financing, a mortgage broker is able to help.
Before you ask your bank for a loan or a mortgage, you should see a mortgage broker.
We deal with many more lenders than your local financial institution and have access to lenders who lend up to 90% of the property value even if you’re self-employed. If you’re self employed with verifiable income we can sometimes even go up to 95%.
Our lenders understand how you, as a business person is allowed to minimize your net income and make the most of your business write-offs. They know how to read your financial statements. If you can verify your income, that does make your application easier but in some cases tax returns are neither necessary nor required.
There are two main types of mortgages available to the self-employed person.
The first is a stated income mortgage which is based on what you say your income is. You may have to provide the financial statements of your business, lists of your clients and any income producing assets. The lender may want copies of your most recent tax return.
If your tax returns or financial statements show a consistent loss, the second option is a low documentation and no income mortgage which does not require income verification. If you choose the low documentation mortgage, you may have to pay higher interest rates and your choice of terms may not be as varied.
If neither of those two are options for you, you may be able to have someone guarantee your mortgage. A guarantor is agreeing to the responsibility of possibly having to make the mortgage payments should you be in a position where you can’t make them yourself.
Your mortgage broker will be able to analyze your situation and explain the best choices for you. We work closely with you and will tell you what you need to complete your application. We will tell you how much money you can borrow based on your income and what debt you already carry. We will carefully explain the best interest rates, the best terms and products that are available to you.
We recognize that you don’t keep 9 – 5 hours will meet with you at a time that is convenient for you. You will have less paperwork to fill out and we can offer you with several different borrowing choices.
If you have poor credit, we have lenders who may be willing to work with you if you have sufficient equity in your home. We can give you information on how you can clean up your credit quickly.
Our successfully financed clients include both proprietorships and corporations. You don’t have to be incorporated to borrow.
The bottom line is, when you need financing, it doesn’t matter who you are or what your credit score is, chances are a mortgage broker will be able to find you a solution that will fit your financial picture perfectly.
The bottom line is - I'm in YOUR corner, and I can set you up with the best possible mortgage (or otherwise solution) for your needs, period. Even if your situation is "challenging" - you'd be amazed at what's possible with a little creativity...
You can email me here, call me at 1-877-686-4246, or submit a Quick-Quote request HERE...
We'll talk soon!