WONDERING ABOUT EQUITY MORTGAGE to 65% FOR SELF EMPLOYED?
Equity mortgage for self employed up to 65% of home value is a welcome addition to the line-up of real estate loans for the small business owners.
Equity mortgage is a stated income solution for small business owners who cannot prove income on their CRA tax returns. The income that you state must be reasonable for your type of industry considering the length of time you have been in business. It must make sense.
How to qualify for the equity mortgage to buy your dream home or to refinance?
So here you have it, a road map for the equity mortgage solution. Just apply online to score your online mortgage approval. We will get back to you within 24 hours with a list of documents needed to get your approval underway.
Equity mortgage is a stated income solution for small business owners who cannot prove income on their CRA tax returns. The income that you state must be reasonable for your type of industry considering the length of time you have been in business. It must make sense.
How to qualify for the equity mortgage to buy your dream home or to refinance?
- The equity mortgage up to 65% of home value is for your owner occupied primary residence located in a desirable and marketable urban region
- You have a strong credit history
- You have been in business for at least two (2) full years and have filed your taxes
- No CRA tax arrears
- Your business is registered with an operating business bank account
- Commission income is not eligible.
So here you have it, a road map for the equity mortgage solution. Just apply online to score your online mortgage approval. We will get back to you within 24 hours with a list of documents needed to get your approval underway.
CHECK OUT THE HIGH NET WORTH MORTGAGE. IT'S TOP NOTCH
The high net worth mortgage in Canada helps clients access mortgage solutions that are custom-fit to their unique situation. It is an ideal mortgage option to buy a home or refinance your mortgage if you have good credit, provable moderate income and meet the lender's requirement of proven liquid assets.
Your credit score will play a role whether your loan amount will be limited to 65% of property value or it can be stretched up to 80%.
The eligible properties that fit the high net worth mortgage include owner occupied homes, rental properties up to a total of 4 units, second homes up to 2 units and single unit vacation homes.
What is meant by "meeting lender's requirement for proven liquid assets?":
Ask us if you qualify for the high net worth equity mortgage to buy your dream home or to refinance your mortgage!
Your credit score will play a role whether your loan amount will be limited to 65% of property value or it can be stretched up to 80%.
The eligible properties that fit the high net worth mortgage include owner occupied homes, rental properties up to a total of 4 units, second homes up to 2 units and single unit vacation homes.
What is meant by "meeting lender's requirement for proven liquid assets?":
- The liquid assets include stocks, mutual funds, Canadian savings bonds, GICs, personal chequing and savings accounts, TFSAs and RRIFs
- Proof that you have minimum of $150,000 in liquid assets or a $1 for every $1 borrowed, above the mortgage amount you qualify for, based on your moderate income, whichever is higher
- If you are buying a house, the down payment must come from your own pocket (not gifted). This is in addition to the lender's provable liquid assets requirement
- You do not have CRA tax or property tax arrears
Ask us if you qualify for the high net worth equity mortgage to buy your dream home or to refinance your mortgage!