A Self Employed Mortgage can be the write lending option
A self employed mortgage could be right, for example, if you own a business or work independently as a contractor. It has always been a known fact that self employed mortgages are hard to come by and once found difficult to get approved for. But that does not necessarily have to be the case.
Another issue for self employed individuals who are looking for a self employed mortgage product is how much down payment they can afford to provide the lender. With the readiness and availability of mortgage default insurance it has made it available now for self employed individuals to get approved for a mortgage with less than 20% down payment.
Working with a Mortgage Broker or Mortgage Agent is of great benefit for self employed individuals as these professional’s offer one-on-one service and work with the individuals on finding a self employed mortgage that is suitable for their unique situation and needs.
One example of a mortgage default insurance provider here in Canada is Genworth Canada, and one of their insurance products they offer through the lending institutions is their Business For Self program.
Have a look at this recent article we provided about them:
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