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Declared Income Mortgage Guide: Everything You Need to Know

Is it hard for you to get a mortgage in case you are self-employed? Are you fed up with listening to ‘No’ every time from the banks and other financial institutions when you ask for a loan? If so, you need to take the assistance of mortgage lenders and brokers who are ready to help you providing on-time mortgages on declared income. Here is a complete declared income mortgage guide to help you know how to get the mortgage you deserve.

What is a declared income mortgage?

It is more commonly known as a self-employed mortgage suitable for self-employed individuals who cannot qualify for a traditional mortgage in Canada Or even institutional banks. We know some business only collect cash and can not show proof of their income, even though bank statements

 DON’T WORRY!!

We have program for you, you just need to declare your income according to your business

How do you get a self-employed mortgage

Qualifying for a loan is based on the income declared by the borrowers on the credit application. So, the self-employed mortgage has made it easy for self-employed individuals to own a home. With the help of lenders, individuals can get fast and easy loan approval with lending ratios up to 80% LTV. Also, there may be the permission of secondary financing from the third parties, which is up to 85%.

Documents required for a self-employed mortgage?

To prove your income while applying for a mortgage, a self-employed individual needs to provide:
  • Beacon and Credit History
  • Declining credit history along with a valid explanation
  • Bankruptcy- At least six months old from the discharge date
  • Any significant credit occurrence, including bankruptcy, orderly debt payments, and a consumer proposal, must be only one time.
Business Proof by showing any one of the following documents:
  • Business license
  • Articles of incorporation
  • HST/GST return
  • 2-year employment history in the same industry


Is the mortgage rate for self-employed individuals high?

Fortunately, self-employed mortgages are not more expensive. If you provide accurate and sufficient information about your income, you can easily qualify for the loan. Moreover, the mortgage rate depends on the size of your deposit, along with your credit rating. If you can put down more amount as a deposit and have a high credit rating, you will get a better mortgage rate.

Connect with the best mortgage lender now-

If you are struggling to get a mortgage from banks and other financial institutions, taking the assistance of a mortgage lender is the best option. Find out the best mortgage lender and brokers willing to help you get a self-employed mortgage easily. These lenders and brokers provide a competitive rate of interest and put all their efforts into helping you get the mortgage with the strictest lending criteria.