To become a successful self employed professional, it takes many years of dedication both mentally and financially to acquire the accreditation and to establish a business. Although rewarding, by the time you get to this point many others your age have been established in their respective careers for a few years and could be into their second home purchase already.
As the world becomes technologically advanced, the percentage of the work force in the Canada that is business-for-self grows every year. The benefits of not having a boss, control of your own hours/vacations and being able to decrease your income tax payable every year, seem to out weight the negatives.
Since the economic down turn is 2008, being self-employed has become much tougher to qualify for a great mortgage. The Canadian government has brought in stiffer regulations to control the big banks and most other mortgage lending institutions. These mortgage lenders make it a requirement for mortgage applicants to be stable in a career for at least two or three years before applying for a mortgage. They also require seeing your tax returns to verify the income information as stated on your application.
The good news is; there exists a mortgage provider whom deals only with independent mortgage brokers that offer a specialty mortgage program. They qualify you based on your accredited professional status. This makes it much easier to qualify for a mortgage. For instance, they can look at the value of an existing business that you are taking over, if you have an accepted job offer or if you are starting your own business.
Your 20% down payment can be very flexible, it can be the typical savings, investments, gift from an immediate family member or it can even be borrowed funds. Your beacon credit score can even be as low as a 580. For maximum qualification power, the mortgage can also be up to a thirty-five year amortization! This mortgage product can be used in all types of situations from purchasing & refinancing, to acquiring rental properties or a second home/vacation property. As a bonus the mortgage is also portable to another property should you sell.
Keep in mind as with all mortgages programs, credit is VERY important in the interest rate you will pay, so maintain healthy credit habits. If you need some tips on how to keep your credit score increasing or have any questions on this article do not hesitate to contact me; firstname.lastname@example.org or 604-608-6905