Mortgage Solutions for Those Who are Self-Employed
If you own your own business, then you know It can come with certain advantages such as tax write-offs and setting your own hours. Entrepreneurship however can also come with disadvantages such as a fluctuating income – and sometimes difficulty getting a mortgage.
Because business owners often have a lot of tax write-offs, it can be difficult for them to prove their income when they want to get a mortgage. This means they may not qualify at more traditional institutions such as the major banks or with credit unions. In fact, unless a business owner is very well established and has excellent credit, it can be next to impossible for them to get a mortgage with these institutions.
Fortunately, there are other lenders in Canada who are willing to look at the bigger picture when it comes to self-employed mortgages. These lenders will look at how well the business is doing, purchase orders for future business, and so forth.
Usually, the interest rate is a little higher than what might be offered through a bank, but these mortgages offer business owners the chance to finally stop renting and become homeowners as well.
If you are a business owner but still cannot qualify for a self-employed mortgage through one of these specialty lenders, your next best option might be to explore a private mortgage. Private mortgages may be offered by investors, private companies, or even by friends and family members who want to help you out. The important thing to remember with a private mortgage however is to work with a qualified mortgage broker.
Mortgage brokers know which private lenders are reputable and which ones to stay away from. Even if you are arranging your own private mortgage with a friend or family member, you should still consult with a mortgage broker to make sure everything is legal and that both parties are protected.
Contact 1Onefund Financial today
Don’t make the mistake of thinking that just because you are a business owner with fluctuating income that you can never purchase a home. At 1Onefund Financial, we have helped many business owners qualify for a mortgage and we can help you too. Call us today to speak with one of our agents.