A good mortgage broker Toronto is with you every step of the way. These professionals do much more than just find you the best mortgage rates. They are available to help with a variety of different questions you might have.
Of course that includes self employed people looking for a mortgage. Here’s a few tips for that segment of the population. Keep in mind recent statistics tell us there are well over 2 million self employed people in Canada.
Report your income
Lots of people who are self employed fall under the freelancer banner. If that’s you , remember that lenders don’t really have anything against what you do. They just need to see how much you make doing it.
There are two ways to show income when you’re a freelancer.
- Declared Income: This can be factored in over the last two years that you’ve filed income tax. It’s a solid metric because it can be proven.
- Stated Income: This is a reasonable estimate based on the size of your enterprise.
Do The Right Things
A good mortgage broker Toronto will advise you on the best mortgage rates. However, they also know a thing or two about the importance of paying your taxes on time. It’s also an excellent idea for the self employed to keep their credit records clean.
Consider these things too
- Keeping some money in a savings account. Showing a lender that you’ve got a bed of cash helps your chances of getting a mortgage. Income can fluctuate when your freelance. Building up a backup fund can help show a lender your business is successful and not high risk.
- Check out what’s available. There are products out there now geared toward the self employed.
Having a good team working with you is a great bonus. That group should include a professional mortgage broker in Toronto.
