CTV News - Mortgage Minute
Date Posted: August 15, 2012
For those who are self-employed, obtaining a mortgage is a slightly different process. In an era of changing mortgage regulations, and many lenders tightening their lending criteria, some self-employed individuals are finding it difficult to obtain financing. In this week's Mortgage Minute, Frank Napolitano sits with Lianne Laing to talk about mortgages for the self-employed.
For those who are in business for themselves, proving income to a lender becomes slightly more complicated. Even though the net income may be more than enough to qualify, a standard tax return will not always show it. Therefore, other factors become more important. For instance, a lender may ask for financial information from the business, to ensure income is stable. Applicants need to be mindful that a good credit score and larger down-payment will also be helpful. For qualified advice, contact an Ottawa Mortgage Broker.