Often banks will make getting a mortgage difficult, if not rejecting applications from self-employed individuals. We at PrestoMortgages recognize the value of your efforts to be independent and live life your way. Why should your lender put constraints on this?
We have the ability to work with you if you are self-employed. PrestoMortgages understands the unique financing challenges that you face. Whether we lend to you directly or not, we also have the ability to use CMHC and Genworth’s provisions for insurance for self-employed individuals. We also have several tools such as equity mortgages and others to help you get the funds you need. We do not turn people away.
Approving self-employed customers in Ontario
We have designed a simple approval process for individuals who are self-employed in order to address the specific needs of entrepreneurs. We can make this work across several different mortgage products. While larger institutions may demand a high down payment from you in order to increase the equity in the house, we are flexible and can work around this with our differentiated mortgage offering for entrepreneurs.
A common perception is that if you are self-employed, there has to be a long and difficult conversation with your bank or your mortgage broker. We have designed this to be easy and comfortable for you. We understand small and medium sized businesses and enterprises across almost all industries. With this context we are able to work with you on the mortgage that meets your needs as a self-employed entrepreneur.
The process is easy!
While the system has made it difficult for you, with increased demands on documentation, changes to amortization periods as well as debt ratios – there is no need to be discouraged. We understand the value created by self-employed individuals and have hundreds of customers with your circumstances.
If you are self-employed, your income should be represented to maximize the tax credits you deserve. However, lenders will use this against you and apply the same to their computerized underwriting models. We believe this is the wrong approach. Which is why we look at the big picture in your life.
We will balance your loan-to-value, develop the payments and mortgage rate that works for you and ensure that you walk away satisfied.