HOW TO GET MORTGAGE APPROVAL WHILE SELF EMPLOYED
Being Self-Employed has a lot of benefits, but it also comes with a lot of extra work. Some things are expected, such as managing your own business and dealing with your own accounting, but there are times when difficulties arise from unexpected places.
Some of these challenges surfaced for the first time for our client when he decided it was time to upsize into a new home.
Despite making enough income, this client had gone to two banks without any luck getting a mortgage.
This is one of the difficulties that come with being self-employed; you have your own way of accounting and managing your finances, but it may not be what the banks are looking for. When presenting your finances, banks will want your files organized in a certain format. It’s not just putting the files in the system and hoping for approval.
When this client signed on with us, we sat him down with the mortgage advisors working with J.O. Homes who showed him what the banks would be looking for and took the time to educate the ‘whys’ and ‘hows’ of mortgaging.
It was easy to get him approved for a mortgage afterwards, for an amount that was even more than what he was expecting.
Being Self-Employed has a lot of benefits, but if you happen to be, then you have enough work on your hands without having to go through the hassle of real estate.
Save yourself the trouble and give us a call here today.