5 Benefits of Applying For Self-Employed Mortgages To Own A Dream Home

Getting a mortgage for people with unconventional sources of income is a challenge. Banks will put you through rigorous paperwork and still reject your application to access a mortgage. However, a self-employed mortgage will offer you a chance to access a mortgage whether you are self-employed or have other unconventional income sources.  Certified Mortgage Broker will help you access Self-employed mortgage lenders.

Benefits of Hiring Self-employed Mortgage Brokers

1. Flexible Private Lenders

Conventional lenders will request an array of qualifying documents for your mortgage as a self-employed person and later fail to offer you the loan. Banks want to feel secure before they can provide you with a mortgage if you are self-employed.

However, registered brokers will connect you with lenders who offer mortgages for the self-employed. The mortgage brokers have strong relationships with the lenders of the self-employed mortgages. The lenders will loan you at the best rates and payment plan for your mortgage that will help your own a house though self-employed.

2. Enables You to Access Mortgage Even with Inconsistent Income

The self-employed mortgage brokers are unbiased towards the mortgage for self-employed, and hence they will access your situation with understanding. The mortgage brokers will utilize their expertise and assess your case to connect you to a lender who will offer you a mortgage despite not proving the ability to earn a consistent income.

3. May Consider Factors That Increases Your Power to Borrow

Some businessmen utilize allowable tax-deductible expenses that lower their taxable income. Consequently, as the payment reduces, the amount of mortgage they can get reduces. Self-employed mortgage lenders can factor this deduction back and increase your power to borrow, or in other words, a lower debt-to-income ratio. 

Similarly, the mortgage brokers may recommend lenders who use the stated income of your business to determine your value and hence increase the amount of self-employed mortgage in Toronto you can access.

A stated income is a reasonable income you would expect a business of your size to make.

4. Rapid Approvals

Banks take a lot of time to assess your creditworthiness, and you may still not meet their standards because you are self-employed and your income is low. However, with the self-employed mortgage in Toronto, your approval will not usually take more than two days since your creditworthiness is not a determining factor. The self-employed mortgage brokers will get you a lender that meets your mortgage needs.

5. You Can Negotiate Your Interest Rates

Conventional lenders usually have a strict, predetermined rate which you may not be able to negotiate. However, with self-employed mortgages, you can bargain the best rates for you. The private lenders will also allow you to make a down payment that reduces the rates. You can also use CMHC insurance if you can’t afford a down payment to prove that you have the income to support you to meet your repayment obligations.


Securing a mortgage for the self-employed is not easy with traditional lenders. However, with self-employed mortgages, you can own a home more efficiently. If you are self-employed, you can search for a self-employed mortgage in Toronto to get professional assistance owning a home at rates that fit you best.