Private Mortgage Lenders For Self Employed
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TORONTO – The self-employed are among the growing number of Canadians turning to private lenders in order to obtain a mortgage.While many prospective homeowners are driven to alternate lenders.
Why it’s harder to get a mortgage when you’re self-employed. For traditional employees, lenders use the gross income reported on a W-2 tax form to evaluate you for a mortgage.For example, if you make a salary of $60,000 a year, your lender can use $5,000 per month to qualify you for a mortgage loan.
While getting a loan as a W-2 employee may be cheaper and easier than if you’re self-employed, you don’t have to go running back to your cubicle to qualify for a mortgage.Some lenders may be.
If you are self-employed. not just the mortgage," Busch says. Andrew McDonough, branch manager of the Seattle office of metlife home loans, says that stated income loans may eventually be available.
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TORONTO – The self-employed are among the growing number of Canadians turning to private lenders in order to obtain a mortgage. While many prospective homeowners are driven to alternate lenders.
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Self-employed workers who want to apply for a mortgage should plan ahead. Self-employed mortgage applicants may face greater obstacles..
Compare to other self employed mortgage lenders, our lending process are more friendly to freelancers, contract workers, stock traders, part-time business owners and many self employed borrowers. If you are seeking for a self employed mortgage lender that approve self employment mortgage, then you have come to the right place.
Lenders also prefer self-employed mortgage applicants to provide accounts that have been prepared by a qualified, chartered accountant; that way they can be sure of your reliability. It’s likely that they will focus on the average profit you’ve earned over the past few years.
“There are two main problems that self-employed borrowers face when qualifying for a mortgage,”says Cory. Seattle office of MetLife Home Loans, says that stated-income loans may eventually be.