Self Employed? You Deserve the Opportunities That You Work Hard For

July 5, 2016 | Posted by: Alison MacKenzie

 

If you're self-employed, you may have already experienced 'the wall.'  Changing mortgage rules have made it more difficulty to qualify for a mortgage at the major banks.  Difficulty securing financing can impact your ability to invest in your business and reach your personal goals.  You work hard in your business, and its not particularly fair that you have a harder time qualifying for financing.  

I can help.  By following these five important tips, you significantly increase your likelihood of getting approved:

  1. Use tax returns, notices of assessment and financial statements to demonstrate your earnings.  The lender wants to see revenue coming into your accounts to show income.
  2. Document your assets, liabilities, and expenses. Your lender wants to understand your business, so make sure your bookkeeping is up to date.  Do you have a website? A professional on-line presence helps verify your business.
  3. Have a great credit rating, run your report ahead of time to fix any discrepencies.
  4. The bigger the downpayment, the better! 
  5. Use a pro. Self-employed borrowers are actually one of my specialties: I have access to lenders that specialize in self-employed mortgages, and can anticipate the challenges you might face.

Let me help you make the financing process as smooth and easy as possible, so you can focus on your business.

 

Back to Main Blog Page