CTV News - Mortgage Minute
Date Posted: August 15, 2012
Click here to watch the full video from CTV Ottawa Morning Live.
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.
Payment Calculator
| Term | Bank Rate | Our Rate |
|---|---|---|
| 6 Month | 4.55% | 3.75% |
| 1 Year Closed | 3.75% | 2.59% |
| 2 Year Closed | 3.89% | 2.49% |
| 3 Year Closed | 3.99% | 2.59% |
| 4 Year Closed | 4.39% | 2.79% |
| 5 Year Closed | 4.99% | 2.84% |
| 7 Year Closed | 5.99% | 3.40% |
| 10 Year Closed | 6.29% | 3.64% |
| VRM Closed | 3.10% | 2.60% |
| Line of Credit | 4.00% | 3.50% |
