It will always work to your advantage if you will have a Toronto mortgage broker by your side if you have plans of buying yourself a house or refinancing your mortgage. It is because these professionals have relevant access to the big banks and many other similar financial institutions. Aside from that, they have connections to local brokers, too. The rule of thumb in finding the right and suitable mortgage program for your specific needs is to find first the right and experienced mortgage professional.
Getting a self-employed mortgage in Toronto is never easy. However, with these 5 steps, you are a step ahead to your mortgage approval.
Being self-employed can be fulfilling. You can work at your own time, own pace, and at your own office. Whether you are working in a small room, or in a big garage, or under a big tree at the beach, the freedom is yours. Those are the benefits you’ll have for being your own boss.
However, when it comes to getting a mortgage for self-employed individuals, that’s where the challenge comes in. You may find it difficult to look for the right lender for your mortgage needs. Most Canadian banks raised their bars for self-employed lending mortgages. Passing the lender’s affordability tests seems too hard to reach. Add it up with the hassle of submitting additional documents and requirements, and you’ll wish you had a 9-5 job to get your loan application approved in a snap.
This should not be the case. Getting a mortgage when you’re self-employed is not impossible. Moreover, you don’t need to be the highest earning self-employed individual in Toronto to get issued with a loan. Getting a loan even if you are working on your own can in fact, be simple and easy. Here are five simple steps to get your mortgage application ready and have the result that you want.
What is an additional mortgage and is it right for me? As the equity in your home builds, so does the opportunity for you to leverage that equity by taking out a second or third mortgage on your property.
Second or third mortgages can be used to consolidate outstanding debt from other sources, renovate your home, pay for your child’s education, or any number of choices. In most cases, the rate of interest on an additional mortgage can be lower than borrowing on a credit card, potentially saving you a lot of money in the long run. What’s more, a second or third mortgage may provide you with more time to repay the loan, giving you added flexibility.
If you’re considering taking out an additional mortgage on your home, we encourage you tospeak with a Mortgage Centre specialist who will discuss your unique financing needs. After researching your options, we’ll provide you with the information you need to make a sound decision.
