Lending a fair mortgage is a difficult task. Everyone of
us cannot secure an ideal mortgage without the expert assistance of a
professional or a seasoned mortgage broker. If you are all alone in your quest,
then your chances are pretty bleak. More so, if you are a self-employed
individual, the chances of securing a profitable mortgage are next to
impossible.
Most self-employed applicants find it hard to get a
mortgage deal than their salaried counterparts. They are amongst the less
preferred lot by the lenders. Lenders find it difficult to put their trust on
individuals who do not draw a fair enough salary each month. Self-employed or
small time business rings uncertainty bells in their mind.
The main hindrance for non-salaried individuals is that
they have to face higher interest rates for securing a mortgage deal. They have
CMHC mortgage insurance premiums as well that lead to further issues in the
process. Therefore, they need a professional mortgage broker who has proper understanding of the market rates and helps
you in securing a profitable deal without much hassle. It also helps in making
a strong plan to securing a good mortgage.
Also, it is important you make a heavier down payment if
you are self employed. They larger the down payment that you make, greater is
the chance that the lender will trust you and offer you a profitable mortgage
deal in the bargain.
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