Securing A Self-Employed Mortgage
The number of self-employed individuals in Canada has surged significantly. Many Canadians are moving away from conventional employment and opting for alternative income-generating methods.
Does This Sound Familiar?
The concept of being self-employed encompasses various definitions, each unique in its own right. Despite these diverse classifications, all fall under the umbrella of self-employment, yet they function with distinct business structures.
What Is A Self- Employed Mortgage Like?
Self-employed mortgages are for those who generate their income through self-employment or business operations rather than relying on a consistent paycheck from an employer. In contrast to traditional borrowers with stable incomes, self-employed individuals frequently experience income variability, making it more challenging to qualify for a standard mortgage.
Conventional lenders typically evaluate net income based on tax returns. However, this figure may seem lower for self-employed individuals due to tax deductions and business-related expenses. Self-employed mortgages take these factors into account and provide greater flexibility.
This mortgage option is ideal for anyone engaged in independent work, including business owners, sole proprietors, or partners in a business. Individuals who are incorporated and receive a salary from their corporation are also classified as self-employed, but those who only receive dividends do not qualify.
Securing a Self-Employed Mortgage with Black Knight Capital: One of Our Top Priorities here is an actual case where we helped our self-employed client:
One of our clients, a thriving property manager, faced challenges obtaining a mortgage due to his inconsistent income as a self-employed individual. Despite a strong financial background, conventional banks rejected his loan because of atypical documentation.
Black Knight Capital intervened to assist. We collaborated with lenders who focus on offering adaptable terms for self-employed borrowers. We successfully secured a mortgage that met his requirements by evaluating the complete financial landscape, including business revenue and assets. This solution enabled the family to keep expanding the business while acquiring the property he had diligently worked for.
The journey to Home Ownership
The journey to home ownership may present more hurdles for self-employed Canadians, but it is certainly achievable. With proper preparation and expert guidance from a mortgage broker, you can make your dream of owning a home a reality. Black Knight Capital is dedicated to assisting self-employed borrowers through the often complex mortgage application process.
Whether you are a business owner facing challenges in getting approved or a commission-based employee unsure of where to begin, our knowledgeable and experienced mortgage brokers at Black Knight are ready to assist you!
Our dedicated team will help you devise an effective plan and ensure you secure the best mortgage rates and terms available.
Contact Black Knight Capital by calling or texting 416-779-0415 or emailing us directly at bkcapmortage@gmail.com to connect with a licensed mortgage broker who will guide you through every step. Our specialty is handling the complexities of the mortgage application for self-employed and small businesses, so you can focus on purchasing your dream property with complete peace of mind.
