Self Employed Qualifying for Mortgages Made Easier!!!

Qualifying for a mortgage has been tougher over the last few years for self employed people.  Over the years there has been an increase in the number of people deciding to go self employed for many reasons.  Maybe you feel more in control of your financial situation if you are looking after your own income your own way. Maybe it has to do with flexibility of hours, income type of work, whatever it is more are making that change.  The down side has been it is tougher to get a mortgage for buying your principal residence, revenue property, commercial property, second homes or for whatever real estate you…

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Changes to make Qualifying easier for Self Employed Borrowers

Around 15% of the Canadian workforce is Self employed. Self employed borrowers have seen their fair share of struggles when it comes to trying to get a mortgage. What we are seeing now is CMHC , a Canadian Mortgage Insurance company, is changing up their self employed program to hopefully make things easier for this population of Borrowers. Some of these changes will include allowing for alternative options of verifying stability of the business and continuity of income for self employed borrowers with less than 24 months of business operation. Additionally they have made allowances to the different types of documentation required to prove self employed income. This…

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Terminology Tuesday – When you pull your own credit what can you expect!

As we all have learned Credit Scores are huge in determining if you can get a loan or mortgage.  Lenders have used this system for many years and the #1 agency used is Equifax.  There are a few others out there you can get access to to give you can idea of where you are at when the time comes to get a mortgage, financial loan, secured lines of credit and so on.  However the score you get when you pull your own bureau many times is much different that what we as mortgage brokers and the lenders get. So, why is that?  The inquiry you are doing…

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