Self Employed Mortgage
What is a Self-Employed Mortgage?
To obtain a loan, lenders define self-employed borrowers as individuals who own more than 25% of a business. It is difficult for self-employed business owners to get a mortgage, as they must provide far more evidence of their income than other borrowers. Having said that, getting a mortgage as a business owner is certainly not impossible.
An Ideal Option for Self-Employed Individuals
If you are self-employed, you are entitled to certain benefits such as setting your own work hours and tax write-offs. However, being a sole owner also has its downside, like finding it difficult getting a mortgage because of your fluctuating income. Due to this, traditional lenders like banks and credit unions may not approve mortgages unless the business owner has excellent credit or the business is well-established. Luckily, there are lenders out there like 1Onefund Financial Group Ltd who provide mortgages to these business owners. The only drawback is the interest rate is a little higher than what might be offered from a traditional lender, but that’s worth that hassle than visiting banks and getting rejected for a mortgage.
Benefits of A Self Employed Mortgage
- You can save money on taxes:
With a self-employed mortgage, you can save hundreds and thousands of dollars a year in taxes. As a self-employed individual, you will be able to qualify for competitively priced fixed mortgage rates and variable mortgage rates, and higher mortgage amounts through the alternative lending channels with a self-employed mortgage.
- Quick and easy approvals:
As a self-employed individual, you are more likely to get your loan request denied by traditional lenders like banks. Instead of waiting for weeks, sometimes even months, you can get approved for a self-employed mortgage within a matter of hours here at 1Onefund Financial Group Ltd. Once you submit your mortgage application to us, you can rest assured; we can get you an approval response that same day.
- You can qualify for a higher mortgage amount:
Unlike traditional lenders, you can qualify for a much higher mortgage amount through a lender that accepts mortgage applications from self-employed individuals.
- You get the best and lowest mortgage rates:
1Onefund Financial Group Ltd offer special low mortgage rates and terms to help self-employed Canadians get a mortgage. If you save up a considerable amount for a down payment or get insurance through the CMHC mortgage insurance program, you can qualify to obtain the lowest and best mortgage rates.
Get in touch with 1Onefund Financial today!
At 1Onefind Financial, obtaining a mortgage if you are a sole trader or contractor has never been easier! We offer a range of mortgage products to help you succeed in your business and your personal life. We have helped many business owners qualify for a mortgage, and we can help you too. Do not hesitate to give us a call today to speak with one of our agents. Our experts will look at your financial data and present you with the best options available. From advising you on what financial information you need to gather to getting the final paperwork signed.