We are a valuable resource for those needing a self-employed mortgage solution.
Proving income when you are an employee is an easy matter. It gets a bit more challenging when you are self-employed. That doesn’t mean you cannot become a homeowner. Buying a new home in the Sault Ste Marie, Ontario area is possible, as there are other ways to show lenders that you are a not a high credit risk. At Donna Mullen & Associates, we have decades of experience and solid relationships with lenders that enable us to be a valuable resource for those needing a self-employed mortgage solution.
The reality is that lenders look at the five Cs of borrowing when making a lending decision: capacity, capital, collateral, character, and credit. Capacity relates to your income, but the others do not, leaving you plenty of ways to show your financial health and stability. If you have a low debt load, a positive credit history, and a solid business plan, there is a high likelihood you can qualify for a self-employed mortgage.
With that said, the important thing becomes getting matched with the right self-employed mortgage, and that is another way we can assist you. We understand that the best mortgage rates aren’t the only part of the story. It can sometimes be advantageous to have a slightly higher interest rate if the other terms of the mortgage are favourable. We look at the whole picture, so your current and long-term goals are met.
If you would like to learn more about self-employed mortgages, don’t hesitate to reach out to us for a free, no-obligation consultation. We are happy to help you achieve your homeownership goals.