Self Employed Borrowers
Below are some options for Self Employed Mortgage Applicants
The majority of self employed people try to get their personal taxes down to zero and as a result your net income is too low to qualify with traditional lenders. This will cause a headache if you try to get approved for a mortgage unless you have a 25% down payment. At Absolute Mortgage we realize the demand for our self employed clients and can offer some solutions for you.
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OPTION 1 -
Purchase with 10% Down!
Have a great credit history? Alt-A
Purchase with as little as 10% down and get best rates.
Alt-A Premium Matrix.
Do you meet the following criteria?
- Do you have a down payment from own resources of at least 10% of the purchase price?
- Have you been self-employed in the same industry for past two income tax years?
- Have you filed your personal and business taxes for the past two years and owe $0 to Revenue Canada and can provide the most recent years NOA?
If you can, this product may work for you.
| Example: |
Purchase Price |
$400,000.00 |
| Less Down payment (10%) |
$40,000.00 |
| Net Mortgage |
$360,000.00 |
| Add GE Premium (5.15%) |
$18,540.00 |
| Total Mortgage Financed |
$378,540.00 |
|
- 5 year rate of 4.39%
- 35 Year Amortization in Example
- Shorter amortization = lower ins premium
-
Larger down payment = Lower premium
- Monthly payment = $1,756.55
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CLICK HERE TO START A MORTGAGE APPLICATION
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OPTION 2 -
Refinance to 85% LTV!
Have a great credit history? Alt-A
Refinance to a maximum of
85% LTV at bank rates.
Alt-A Premium Matrix
Do you meet the following criteria?
- Have you been self-employed in the same industry for past two income tax years?
- Have you filed your personal and business taxes for the past two years and owe $0 to Revenue Canada and can provide the most recent years NOA?
If you can, this product may work for you.
| Example: |
Property Value |
$400,000.00 |
| Less Equity remaining
(15%) |
$60,000.00 |
| Net Mortgage |
$340,000.00 |
| Add GE Premium (3.30%) |
$11,220.00 |
| Total Mortgage Financed |
$351,220.00 |
|
- 5 year rate of 4.39%
- 35 Year Amortization in Example
- Shorter amortization = lower ins premium
-
Larger down payment = Lower premium
- Monthly payment = $1,629.78
|
CLICK HERE TO START A MORTGAGE APPLICATION
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As you can see, Canada Mortgage Choice has options available when it comes to self employed clients. Call us today and tell us which product it good for you.... It's as easy as that!
