If you are self-employed, reach out to our team to get the expert assistance you need when applying for mortgages.
In order to buy a house, you’ll need to apply for a mortgage. When lenders evaluate mortgage applications, they want to make sure the applicants will be able to pay back the money they borrow. To do that, lenders typically look at three factors: your income, net worth, and credit score. If you have a traditional job, proving your financial stability is a relatively simple matter of providing a few recent pay stubs and a T4 slip from your employer. If you are self-employed, on the other hand, the process is more complicated. Fortunately, you don’t have to figure out the steps on your own, but can instead turn to our team at Centum Mortgage Store, Ltd. for the expert assistance you need.
Since self-employed workers don’t have an employer to provide a T4 form, most obtain mortgages by instead submitting income applications. An income application requires a signed income declaration and proof of self-employment, and most lenders will also ask you to provide one or more additional documents, such as your tax returns for the past 2-3 years or a copy of your business license or articles of incorporation. If this sounds confusing, don’t worry–we at Centum Mortgage Store, Ltd. have the necessary expertise to guide you through every step and help you achieve the best possible outcome.
We at Centum Mortgage Store, Ltd. are proud to serve the Okanagan, British Columbia community, and we want to help you get the best mortgage for your situation. If you are self-employed and trying to buy a house, we encourage you to give our team a call to get our expert advice.