More and more people are becoming self-employed these days. We get asked a lot of questions as a mortgage broker in Toronto about how they can get a mortgage.
Here’s a few tips we have for people who are working through that process.
- You’ll more than likely need CMHC insurance. That means that you’ll need some income validation that includes two years of audited financial statements and notices of assessment. You can add unaudited financial documents that have been prepared by a third-party.
- It’s a good idea to have some cash reserves on hand before you apply. Getting the best mortgage rates is about showing lenders you understand how your income can fluctuate. If you put together at least two month’s worth of bill and mortgage payments, this can help you qualify.
A strong credit score will also help your application. As well as paying your bills on time, you should also file your taxes when they are due. Don’t forget to pay the taxes owed since a Notice of Assessment can be used to validate your income.
Working on reducing your debt to income ratio also helps. When this ratio starts going up, the amount of money you have to pay your bills and other payments drops. It’s a good idea to pay off any debt you can including smaller loans.
We are your mortgage broker Toronto specialists who focus on land financing, construction as well as residential and commercial projects.
Our team has financed billions in loans. That’s just one of the reasons that we have a solid reputation as one of the leading mortgage broker companies in the GTA.
Our team has over four decades of combined experience in the field. If you’re self-employed and looking for mortgage, we can help. Get in touch with us today.
