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Getting a Self Employed Mortgage: What You Should Know

If you’re a contract worker, you may wonder how a mortgage for self-employed individuals may work. The good news is that you can still qualify for a mortgage, but it may require extra effort. Let’s cover everything you need to know about self-employed mortgages, including how to find a solution to Google’s most asked question: find a mortgage broker near me.

The HW Advantage Guarantee

HW Advantage is a team of mortgage brokers who specialize in helping self-employed individuals get the financing they need to buy a home.

What sets HW Advantage apart from other mortgage brokers is our commitment to making the process as easy and seamless as possible. We understand that as a self-employed individual, you have a lot on your plate. That’s why we’ve designed an easy online application that you can complete from the comfort of your own home.

The online application process is simple and straightforward. You’ll provide basic information about yourself and your business, along with the required documentation, and HW Advantage will take care of the rest. Our mortgage brokers shop around for the best rates and terms and guide you through the process from start to finish.

What is a Mortgage for Self Employed?

A self-employed mortgage is a home loan designed for people who work for themselves. This includes freelancers, entrepreneurs, and small business owners. Because self-employed individuals have a variable income, lenders will require more documentation to ensure they can afford the mortgage payments.

What Documents Will You Need?

For a self-employed mortgage, you may be required to provide more documents than those who are not self-employed. However, the documents you will need to borrow funds for your dream home will likely be records you can easily access. Here is a checklist to help you gather what you need:

  1. Notice of Assessment: This document shows your income tax owed or refund from the Canada Revenue Agency (CRA) and provides an overview of your income, deductions, and credits for the tax year.
  2. T1 general tax return: This form shows your gross income, expenses, and net income for the year and is used to calculate your income tax.
  3. Financial statements: Depending on the lender, you may need to provide financial statements for your business, such as income statements, balance sheets, and cash flow statements.
  4. Business license/GST number: If you’re self-employed, you may need to provide proof of your business license or registration.
  5. Bank statements: Lenders may want to see your business and personal bank statements to verify your income and expenses.

How to Find a Mortgage Broker Near You

Working with a mortgage broker can make the self-employed mortgage process much easier. A mortgage broker is a licensed professional who can help you find the best mortgage for your situation. They work with multiple lenders to find the best rates and terms for your needs.

To find a mortgage broker near you, ask for referrals from friends and family who have recently purchased a home. Look for brokers with experience working with self-employed individuals and familiar with the documentation requirements. You can also search for “mortgage broker near me” to find local brokers online.

Benefits of Working with a Mortgage Broker for a Mortgage for Self Employed

There are many benefits to working with a mortgage broker. This includes a lot of time saved. A mortgage broker near you saves you time by shopping around for the best rates and terms. They can also provide guidance on the different types of mortgages available, such as fixed-rate and adjustable-rate mortgages. In addition, they can help you understand the mortgage process and answer any questions you have. Lastly, an experienced and knowledgeable mortgage broker can negotiate on your behalf to get you the best deal possible.

Contact HW Advantage For All Your Mortgage Needs

At HW Advantage, we offer expert guidance and advice and provide support with paperwork and negotiations, ensuring that our clients feel comfortable and confident throughout the process.

To learn more about how HW Advantage can assist you with your home financing needs, don’t hesitate to reach out to Harrison White and our team. Give us a call at 905-541-6961 and let us help you achieve your goals. Contact us today to discover more about our mortgage brokerage services.