Self-employed? You can still get a mortgage or loan!

Self-employed mortgages and loans

With new mortgage rules it is getting harder to get a mortgage if you are self-employed, have bad credit or live in a rural area.  A bank may turn you down, require a big down payment or charge higher interest rates, but a mortgage broker can help you get the best deal for your particular situation.  There are ways to get the help you need.

Stated Income

Stated income allows you to state your income on a mortgage application.  To make this work in your favour, include your income tax records to show that you have a cash flow or steady income.  Although tax benefits for self-employed people often lower the total amount of income shown on income tax, when you work with a mortgage broker, they have a wide access to funding that can get you the money you need, based on stated income.  While you may pay more interest, it doesn’t mean you will get turned down.

Poor Credit

Having bad credit history is one of the hardest situations to be in when you approach the bank for a loan. If you can explain what happened, this will help.  If you have a mortgage, you can still get the money you need based on the equity in your home.  Poor credit may incur higher interest rates, but there is more of a risk attached.  Taking a debt-consolidation loan can help you improve your credit and help you get better interest rates in the future.  Read more about improving your credit here.

Work with a Mortgage Broker

If you work with a mortgage broker, you have access to a large range of lenders who will take on different levels of risk. A mortgage broker can help you get the best deal for your particular situation.
Even if you have the best credit rating, mortgages are so complex now, and the rules are changing all the time. A mortgage broker will be able to find you financing that fits your needs.  Many people visit One Stop Mortgage to get help with:

  • Home equity loans
  • Debt consolidation loans
  • Paying off credit cards
  • Home renovations
  • Small business loans
  • Mortgages, 2nd mortgages
  • Self-employed mortgages
  • Personal emergency loans

Get Great Advice

The world of mortgages and loans is complicated and with all that fine print, it pays to get good advice.  With the team at One Stop Mortgage, you get the help you need when you need it most!  Contact them today and see how they can help you get the money you need, even if you are self-employed.

Purchasing your home or need a home equity loan? Call One Stop Mortgage today!

Whether you are financing a mortgage anywhere in BC or Alberta, the mortgage broker team at One Stop Mortgage are here to help.  Give them a call now at 604 874 8988 or call toll free  1 877 874 8988.