There are many benefits that come with being self-employed, but this type of employment also has its downsides. For instance, it can make the home-buying process much more difficult. Oftentimes you are forced to take more measures and jump through extra hoops just to qualify. The good news is that you can rely on a mortgage broker to help you apply for a self-employed mortgage in Brampton.
Things to Consider
If you are self-employed, there are a few things to consider before applying for a self-employed mortgage in Brampton. For one, if you own more than 25 percent of a business you qualify as a self-employed borrower. You should also be prepared to provide a potential lender with extra proof of income as they want to ensure you will be able to afford the monthly payments. Lenders will ask you questions regarding the nature of your business, how long you have been self-employed, your income stability, and whether you are relying on personal or business income to fund your new home.
Getting a mortgage is confusing enough as it is, but when you are self-employed, things can get a little bit trickier. Luckily, you don’t have to go through the process alone. So many people rely on mortgage brokers, such as those at LendX Financial, for help when applying for a mortgage to make the process easier and less stressful than it needs to be.
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