As a self employed entrepreneur, you have many benefits. You may have a large income. You may have many write downs. We work with various kinds of income confirmation for self employed mortgages.
The type of mortgage solution we provide depends on the type of income documentation, credit and income proven.
At Mortgage Architects we understand how best to work these factors.
What we promise you
A first time home buyer’s mortgage with —
- Quick approval
- Low down payment – from 10%
- Low interest rates
- Flexible terms
- Favorable repayment options
What you should do
Here are some quick facts about self employed mortgages.–
- How much down payment will i need?
10% of the purchase price of your home. High-ratio mortgage insurance is required. If you want to avoid the insurance premium you will need 20% down. This assumes that you have excellent credit.
- How much down will I need if my credit is bad?
With bad or challenged credit, you will need 20% down. Sometimes we can make it work with only 15% down, if the home is in a major city.
- What is a self employed mortgage?
A mortgage designed for self employed persons.
- What’s the first step for a self employed borrower?
The borrower need to know what their income is. What type of documentation is available. Conventional lenders require T1 Generals, and Notice of Assessments, for 2 years. Line 150 needs to support the income needed to qualify. If it does not, alternative solutions are more flexible. Depending on a mortgage broker is a good choice. They are able to determine how best to approve your mortgage.
We give unbiased and professional advice. We identify the solutions that make sense.
The Process of Obtaining a Mortgage
Here’s a simple illustration on how you can secure a mortgage.
What if I do not qualify? Do not worry. We offer alternative mortgage solutions. Learn More »
For more information on our self employed mortgages call us today 1-877 237-2601 or fill out our online contact form.