Getting A Self-Employed Mortgage Is WAY Easier Than You Think

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As a self-employed individual in British Columbia, getting a mortgage can seem like a daunting task. Unlike a traditional employee, self-employed individuals typically have variable income streams and may not have the same financial documentation readily available. However, with the right approach and preparation, it is possible to effectively get a self-employed mortgage in British Columbia.

By the way, I love working with self-employed applicants.  You will not get a hard time or any BS from Huber Mortgage. Over 50% of our clients are self-employed/business for self.

We’ll get you approved fast OR we’ll work together and get you where and what you need to get approved.

In this article, we’ll cover some key tips for self-employed individuals seeking a mortgage in BC.

Plan ahead

One of the most important things you can do as a self-employed individual seeking a mortgage is to plan ahead.

This means giving yourself enough time to gather all the necessary documentation, such as tax returns, bank statements, and financial statements.

This also means being realistic about your income projections and ensuring that you have enough income on paper to cover mortgage payments for the property you desire.

Over 50% of Canadians use a Professional Mortgage Broker

Work with a knowledgeable mortgage broker

Working with a mortgage broker who specializes in self-employed mortgages can be incredibly helpful. That’s Huber Mortgage!

A knowledgeable broker will be able to guide you through the process, help you understand the requirements, and provide you with options that meet your unique needs.

They will also have access to a wide range of lenders and products that may be better suited for self-employed individuals.

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Documentation, just “different” documentation 🙂

As a self-employed individual, lenders often say that you will be asked to provide additional documentation beyond what is required for traditional employees. We have not found this to be the case.

Often a self employed person will be asked for different documentation: business financials, T1 Generals, bank statements to show cashflow and possibly T4s from the past two years.

So you are actually just asked for different information – rather than the paystub, job letter and verbal confirmation required for  a traditional employee.

The experts at Huber Mortgage find the self-employed mortgage approval process more straightforward.   Once the required documents are organized and represent the income you need to get what you want, the mortgage application process is easy.  Let us show you how!

Consider alternative lenders

If you’re having trouble getting approved for a mortgage with a traditional lender, Huber Mortgage has options with alternative of “Alt-A” lenders.

Alternative lenders typically have more flexible lending requirements and are willing to work with self-employed individuals who have less than the 2-year business documentation otherwise required.

This is where we would focus if you did not have 2-years tax documentation or maybe a credit score that is a bit too low.

Huber Mortgage will source a loan on a 1 or 2-year term and work together with you to get you in a position to switch to an “A” lender after 1 or 2 years.

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Working the system!

When applying for a mortgage, Huber Mortgage will help you organize your income documentation to support the purchase you want.

****Often we can “gross up” self-employed/business for self income to help qualification.****

Let us help you strategize!

Improve your credit score

Your credit score plays a big role in your ability to get approved for a mortgage. As a self-employed individual (actually everyone needs a solid credit score – it’s part of the bankster’s game), it’s important to make sure your credit score is as strong as possible.

Keeping consumer debts in check and making  payments on time really helps this process.

Huber Mortgage will help you improve and correct your credit score!

In closing

In conclusion, getting a self-employed mortgage in British Columbia may seem challenging, but with the right approach and preparation, it is possible.

By planning ahead, working with a knowledgeable mortgage broker, organizing the necessary documentation, considering alternative lenders and improving your credit score, Huber Mortgage will help you put your best foot forward and get your application approved!

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PS – One of my hobbies is blogging about mortgages, debt and government policy.  During the day I’m a MORTGAGE BROKER in Kelowna, BC!

Check out the Huber Mortgage Home Buyers Guide HERE

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