Mortgages
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So, you’ve mastered the art of being your own boss, conquered the world of self-employment, and now you’re ready to plant your flag in the real estate market. But wait – getting a mortgage when you’re self-employed feels about as straightforward as teaching a cat to fetch. Don’t worry, we’ve got your back!
First, the good news: you’re in good company! About 20% of Canadians are self-employed, which means there’s a whole army of entrepreneurs out there navigating these same waters. The bad news? Traditional mortgage lenders sometimes look at self-employed folks like we’re trying to explain why our dog ate our homework.
Let’s break down your options without the fancy banker jargon:
Stated Income Mortgages
Think of these as the “trust fall” of mortgages. The lender believes you when you state your income (how refreshing!), but they sometimes want a bigger down payment in return. It’s like the financial equivalent of “pics or it didn’t happen,” except they’re willing to skip the pics if you show them more money.
Traditional Bank Mortgages
The Big Six banks (you know who they are) might still give you a mortgage, but they’ll want to see more paperwork than a tax auditor on a caffeine high. You’ll need 2-3 years of tax returns, business documents, and possibly your first-born child (kidding… mostly).
Here’s what actually matters:
Here’s where it gets interesting: CMHC insurance can be your best friend. With it, you might only need a 5% down payment (for properties under $500,000). It’s like having a financial wingman who vouches for you at the mortgage party.
Here’s the deal: navigating self-employed mortgages is like trying to solve a Rubik’s cube in the dark. You could do it alone, but why would you want to? We know:
Being self-employed shouldn’t mean giving up on your dream home. Sure, the path might have a few more twists and turns, but with the right guide (hello there!), you can navigate this journey successfully.
Ready to turn your homeownership dreams into reality? Let’s talk. We promise to make this process as painless as possible – and we might even make you laugh along the way. Because let’s face it, if you can handle being your own boss, you can definitely handle getting a mortgage. You just need the right team in your corner.
Remember: Life is short. Get the house. We’ll help with the details.
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After you submit the form, we’ll reach out to discuss your goals, address any questions, and provide customized, no-obligation quotes. Feel free to let us know if there’s anything else you need!
After you submit the form, we’ll reach out to discuss your goals, address any questions, and provide customized, no-obligation quotes. Feel free to let us know if there’s anything else you need!
After you submit the form, we’ll reach out to discuss your goals, address any questions, and provide customized, no-obligation quotes. Feel free to let us know if there’s anything else you need!
After you submit the form, we’ll reach out to discuss your goals, address any questions, and provide customized, no-obligation quotes. Feel free to let us know if there’s anything else you need!
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