Being self-employed comes with its rewards, but securing a mortgage isn't always straightforward. Banks may not fully recognize your income, leaving you wondering how to navigate the complex world of mortgage financing.
1. Qualified Income: Demonstrate a consistent business history with two years of tax filings. While conventional, this route may limit your borrowing potential if your reported income fluctuates.
2. Stated Income Programs: Explore alternative lenders willing to consider your business revenue and retained earnings. With flexible qualification criteria and competitive rates, these programs offer a viable solution for self-employed individuals.
3. Specialized Lending Options: If traditional routes don't align with your circumstances, explore niche lenders or private financing. While these avenues may carry slightly higher costs, they offer tailored solutions for unique situations.
When deciding on the right mortgage path, consider factors like your down payment, business stability, and long-term financial goals. Waiting to claim higher income for conventional financing may seem prudent, but calculating the opportunity cost of delayed homeownership is crucial.
As a business owner, leverage existing assets and equity to bolster your financial position. From using company funds for down payments to tapping into property equity for business investments, explore creative strategies to optimize your mortgage journey.
Navigating self-employed lending requires specialized knowledge. Work with a broker who understands the nuances of business owner mortgages and can tailor solutions to your unique needs.
Don't let mortgage hurdles hold you back. Reach out to us today to explore mortgage options tailored to your self-employed status. Your dream home awaits—let's make it a reality!
.jpg)
604-262-3500
info@getflowmortgage.ca