Self-Employed Mortgage

Securing mortgages can be a bit more challenging when you are self-employed. Traditional lenders often require a stable income and a regular paycheck, which can be difficult to provide when you are an entrepreneur or a freelancer.

 However, a self-employed mortgage is designed to cater to the unique financial situation of business owners and entrepreneurs. This type of mortgage takes into account the unique income structure and financial challenges faced by self-employed individuals.


Mortgage for self-employed

A mortgage for the self-employed is a type of mortgage specifically designed for individuals who are self-employed or own their own business. Lenders understand that self-employed individuals may have variable income, irregular cash flow, and unique tax situations. As a result, the requirements for a self-employed mortgage may be different from a traditional mortgage.

For example, lenders may consider your net income (after deductions) rather than your gross income when assessing your eligibility for a mortgage. They may also consider other factors, such as your credit score, the stability of your income, and your debt-to-income ratio.

It’s important to note, a self-employed mortgage may offer more flexibility in terms of income verification. The downside may also come with higher interest rates or require a larger down payment. Additionally, you may be required to provide additional documentation, such as tax returns, financial statements, and business records, to verify your income and financial situation.

If you are an entrepreneur or self-employed, and considering buying a home, it is recommended to contact a premier mortgage broker. KMS Mortgages based in Edmonton, Alberta can help you navigate the mortgage process, assess your financial situation, and find a mortgage solution that fits your needs.


Self-employed mortgage calculator

Use our self-employed mortgage calculator to estimate your monthly payments and see how much you can afford to borrow.

Contact us today to schedule a consultation and discuss your entrepreneur mortgage options.