There’s nothing like the feeling of freedom when self employed. But for all of the benefits, there is one area of concern for many entrepreneurs – entering the real estate market as a buyer.
As a contractor your income may fluctuate significantly from year to year and this inconsistency may turn off some lenders. Not just that, you put a lot of effort into reducing your taxable income, but that can backfire when it comes to getting approved for a mortgage on a type of property that you (and your family) really want. Plus, it wasn’t that long ago when in accordance of Canada’s Office of the Superintendent of Financial Institution‘s B-20 rule, self-employed parties needed to have a 35-percent downpayment before entering into a mortgage. Thankfully amendments were made in 2018 to recognize additional factors that may be used to support a lender’s decision to provide a mortgage, but there is still a lot of grey area for new buyers.
Fret not, because we understand you’re concern. Remember, we’re business owners too! By having us on your side you get a champion for your cause. We have relationships with a long list of financial institutions that offer excellent mortgage options for self-employed people in Canada. They don’t see you as a risk. Instead they see you for what you are – one of the most important parts of our economy. They understand that as a self-employed person you must have tax write-offs to allow for significant reductions in declared income. With some of these specialized lenders, you may not be required to prove your annual income as they may accept a reasonable estimate. But of course, this is all made possible via reputable mortgage brokers. In Penticton BC, that team is Carloni Mortgage Brokers.
Beyond getting you access to lenders who appreciate self-employed persons, we can help you leverage the amendments to the once-antiquated Canada Mortgage and Housing Corp (CMHC) rules regarding self-employed mortgagers.
Do your pre-approval with Carloni Mortgage Brokers and you’ll gain confidence that you came to the right place. Whether you’ve been self employed for many years or you recently started your own business we’re here for you.