How To Get A Mortgage For Self Employed People

Toronto's best mortgage brokers, Cannect Home Financing, returns with episode 45 of Make Money Count. In this episode, we break down a viewer question, and then explain how to get a mortgage as a self employed home buyer.

Every person has their own unique situation. It's important to find a mortgage broker that can look at exactly how you earn your money, and get you qualified for a mortgage. They will see how you can verify your income. The broker will see how much equity you have in your home. And they find the situation-specific factors which get the best borrowing options for you. In the end, it always comes down to reducing your weighted-average cost of capital (WACC), and lowering the cost of your debts.

Marcus and Justin also answer a listener's question about what the main reasons for Canada's inflation are. Are they carbon tax implementations or record-high imigration? Unlikely. The carbon tax and cancellation of the Keystone XL pipeline were not enough to bring on global inflation on their own. Immigration will contribute in a positive way in Canada because it brings more workers into our economy and that will fight the recession. The reasons for inflation are much more global than they are domestic. Inflation is a global issue, not specific to Canada.

Why do I need a mortgage broker?

If you have gone to different mortgage lenders in the past and they have all said no, you need to speak with a mortgage professional. Someone who has your best interests in mind and knows how to navigate this new high interest rate environment. They will answer questions like: Is the best course of action a refinance? What's the difference between A HELOC from a B-lender, and private 2nd mortgage? And how do I include more income on my application?

We dive into this and more. Have a listen to the episode to find out how to navigate the self-employed mortgage market.

Click here to connect the the best mortgage brokers in Canada, Cannect Home Financing.

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