We Understand Being Self Employed in Search of Financing
Stats Canada has recently announced a huge increase in small business in this country. Starting your own company can be an exciting and rewarding endeavour. Like most of us paying less tax is something we all think about, we work hard and want to hold on to the money we make. Most small business owners pay most of their personal tax through their companies. This is a great way to pay LESS TAX!
If you are self employed you may already have experienced the frustration of obtaining mortgage financing. Most lending institutions require that self employed individuals use their tax assessments to qualify for a mortgage. Well if your accountant has done his job your net income is probably much lower than your gross income making it next to impossible to qualify.
Cashin Mortgages has the solution:
We have lending institutions that understand your situation. We have Lenders that will allow for 5%down payment on a purchase even if you show a low taxable income. We also have Lenders who are willing to provide a refinance to 90% of its value with little or no income verification required.
Here are just some of the great products available:
The Low Documentation (Low Doc) Mortgage
Purchase a new property or refinance your existing home up to 90% of its appraised value. No true income is required for this mortgage; the lender will base their approval on your credit rating rather than actual net income!!
You will need:
• A clean credit history. (No bankruptcies or foreclosures. Any late payments on credit cards or loans may lower your chances of qualifying.)
• Proof that you have been self-employed for three (3) years. (Incorporation papers or GST number.)
• The property to be located in or near a major centre. (Please call for details.)
Some restrictions apply. Please fill out our easy-to-use mortgage application or contact one of our representatives today to qualify!
No Income Mortgage
With the No Income Mortgage, you can purchase a new property or re-finance your existing home up to 80% of its appraised value. Income and credit do not have to be perfect. With 20% down or at least 20% equity Cashin Mortgages can obtain a mortgage for almost any income or credit situation.
The better the credit history the better the rate!
Please remember each application is unique and these are just some examples of the current products available to business-for-self persons. Here are a few things to remember when shopping for a mortgage:
• A self-employed person with a clean credit history in most cases will receive the lowest rates available.
• Although an established credit history does improve your interest rate, it is not a requirement for obtaining a mortgage.
• Please keep in mind that the property must be in or near a major center.
Cashin Mortgages works hard to bring products like these into the Canadian mortgage market. Contact Cashin Mortgages to get started right away.