Self Employed Mortgage Solutions

More and more you hear that as a self employed borrower you have to jump through hoops to get a mortgage with the lowest mortgage rate. That isn’t always true, except for some self employed home buyers and home owners, especially when they are just starting their business. Some small businesses owners don’t have as much expenses and show a higher income thus, could qualify for an insured mortgage at lower interest rates to finance their home.

At Sunlite Mortgage we work with both types of self employed to get them the lowest rate possible. Granted just like the challenges business have some  mortgages for self employed individuals are just as challenging.

The different business model have different requirements but we will always work with you and the banks, credit unions and trust companies to get the mortgage that is right for for you. 

For some self employed individual your down payment can be as low as 5%.

Requirements Include:

  • Ownership of a business, which includes: sole proprietorship, partnership or corporation
  • A minimum two years in the same business
  • Annual income, as well as business revenue
  • No previous bankruptcy

To Qualify for a Mortgage Faster you can Consider:

  • Offering a large down payment up front. As a result demonstrates less of a risk to the lender
  • History of a high credit score, which will help to qualify for lower interest rate
  • Having an emergency fund, or cash reserves that guarantee monthly payments
  • Fewer monthly debt payments

Other Document Requirements:

To support your application, its is essential to bring your Business Licence, and the most recent Notice of Assessment. In addition, we may require extra documentation to structure your mortgage  application.

Our Sunlite Mortgage agents will walk you through the choices available and help you identify the most suitable mortgage product to your current situation; all while looking at your short and medium term goals. Contact a Sunlite Mortgage agent today at (877) 385-6267 or you can calculate your mortgage payments here.

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