What is a Self-Employed Mortgage?
A self-employed mortgage is a mortgage product designed specifically for individuals who work for themselves or own their own businesses. Unlike traditional mortgages, which rely on income statements and pay stubs, self-employed mortgages use other forms of documentation to verify income, such as tax returns, bank statements, and financial statements.
How Do Self-Employed Mortgages Work?
Self-employed mortgages work similarly to traditional mortgages in that you’ll still need to provide a down payment and go through a credit check. However, the lender will evaluate your income differently.
Instead of looking at your employment history and salary, they’ll review your financial statements and tax returns, as well as bank statements to determine your income. The lender will also want to see that your business is financially stable and has a consistent income.
Why Choose Enrich Mortgage Group
We work with a variety of lenders to find the best mortgage rates and terms for our clients. We understand the challenges that self-employed individuals face when applying for a mortgage and can guide you through the process.
Are you self-employed and want to get a mortgage?
Contact us today to learn more about how we can help you get a self-employed mortgage in British Columbia.