Apply For Self-Employed Mortgage
What is a Self-Employed Mortgage?
It can be quite a challenge to get approval for a mortgage if you are self-employed, but at the same time, it is not impossible. All you need to do is prove to the lenders that you have a reliable source of income. There are various ways to prove to the mortgage lender that you have a reliable source of income if you are a sole trader or a contractor. At Harpreet Puri Mortgage, our team of expert advisors has the technical knowledge and expertise to help self-employed professionals with their mortgage needs. Give our team a call today to schedule an initial consultation.
How It Works
Why should you choose a self-employed mortgage?
Self-employed mortgage can help you save money on your taxes
If you are a self-employed individual, you have the benefit of saving thousands, or even tens of thousands of dollars in taxes every year. By choosing a self-employed stated income mortgage, you will still continue to save money on your taxes whilst still being able to qualify for mortgage rates that are fixed and competitive, including qualify for mortgage rates from various mortgage lenders through the services of Harpreet Puri Mortgage.
Get approved easily and quickly with a self-employed mortgage
With most mortgages, it can take weeks, sometimes even months, for you to get your mortgage approved. In some instances, the lender can even deny your mortgage application. Opting for a self-employed mortgage ensures that you get approved for a stated income mortgage within a couple of hours. Once you submit your mortgage application to the professionals at Harpreet Puri Mortgage, you can rest assured; we can get your mortgage approval on the same day in some instances. Depending on how complex your loan request is, we have an extensive network of lenders that work with us closely that can get your mortgage approved in as little as 48 hours. We even have lenders with whom we have a great relationship that approves your mortgage application without even undertaking a credit check. So, even if you have a poor credit score or have outstanding high-interest debts, we can still help you qualify for a self-employed mortgage, and most importantly, find the right solution for you.
You can qualify for a higher mortgage amount
One of the reasons to apply for a self-employed mortgage is that you can choose to qualify for a higher mortgage amount if the lender accepts the stated income mortgage applications. Unlike traditional banking institutions, they will only consider your mortgage application by viewing your declared net income after tax deductions.
You can get the best rates with a self-employed mortgage
A few mortgage lenders offer self-employed individuals with low rates and terms specifically designed to help them get their mortgage application approved. Suppose you are a self-employed individual that can make a sizeable amount of down-payment or provide a reliable source of income. In that case, you can even be eligible to qualify and get the lowest and best mortgage rates. It can prove to be a clever investment depending on the premium and interest rate savings. Our expert mortgage agent at Canadian LIC can advise you accordingly on what mortgage is the best to suit your specific needs.
How to obtain the best interest rates for a self-employed mortgage?
If you are a self-employed individual looking for the best and lowest mortgage rates possible, you must ensure you follow the below-mentioned tips:
- Go through your credit report to identify and correct errors that can help improve your credit score. Try to aim for a credit score of 720
- When applying for a self-employed mortgage, try to place a sizeable down-payment amount that you can afford.
- Do your due diligence and research to find various mortgage lenders and rates, including research on which lender is providing the best terms as well.
- Choose a mortgage with a shorter term. If you choose a twenty-year or a fifteen-year mortgage, you may get it with a lower interest rate.
- Try to pay upfront; it may help lower your interest rate.
How to get a self-employed mortgage even with bad credit?
Being a self-employed individual applying for a mortgage is stressful. Still, if you are a self-employed individual with a poor credit score, it can get tricky to get loan approval. But as mentioned above, it is not impossible. Here at Harpreet Puri Mortgage, we have years of experience working with professional bad credit mortgage agents who help self-employed individuals with their mortgage needs, even with bad credit. Below-mentioned is a few tips to get a mortgage with bad credit as a self-employed person:
Lenders will need to see at least the last three years of your accounts if they want to approve your self-employed mortgage with bad credit.
Making payments late and not on time will dent your credit score even further and can put your mortgage application approval in more trouble.
Every time you decide to apply for credit, the lender runs a credit check, impacting your credit score. It is best to avoid applying for credit in the coming months that you are looking to apply for a self-employed mortgage.
If you are a person with a poor credit score, the best way to get the best deals is to find a reliable agent like Harpreet Puri Mortgage to help you with all your mortgage needs with your current financial situation.
Advantages of using a mortgage Agent for a self-employed mortgage:
- They give you plenty of mortgage options and better rates.
- They make the application process stress-free and straightforward.
- Offer expert advice and service tailored to your specific needs.
- They work on a commission basis, so you do not need to worry if you don’t get your mortgage approved; they will not get paid. It gives them extra motivation to work harder and secure your loan.
As a self-employed individual, you have to go the extra mile to get approved for a mortgage. With the help from the experts at Harpreet Puri Mortgage, you can get the loan without having to stress much about it. Call us today at 416 543 9000 to schedule a consultation. We are based in Brampton and offer our services throughout the country.