Self Employed Mortgage Kitchener, Waterloo, ON
Self employed individuals frequently have difficulty obtaining a mortgage from the large chartered banks. This is often due to the apparent low incomes of the self employed. I say apparent because often self employed individuals claim as many tax deductions as possible in order to reduce their taxable net income. The banks want to see the highest net income possible so they can reduce their financial risk when lending to this particular market segment.
Fortunately, there are other lenders that target self employed and small business owners as desirable customers. These lenders recognize that the stated incomes of self employed individuals are not necessarily accurate assessments of the financial strength of this customer group. Consequently, mortgage opportunities for self employed and small business owners are equally attractive.
Don’t be discouraged if your day-to-day lending institution displays a lack of interest in you as a mortgage customer. Attractive alternative lending sources exist.