Traditional lenders can often present unique challenges for self-employed individuals to buy a home with standard mortgages. At Siga Financial, our self-employed mortgage service is beneficial whether you are self-employed or a business owner. We take a customer-focused approach and offer customized solutions to help self-employed Canadians throughout their mortgage journey.
Challenges of Getting a Mortgage through Self-Employment
As a self-employed individual, there are potential roadblocks you may face when trying to get a mortgage. The main issue is failing to qualify at your bank. “A” lenders are the six major banks in Canada (BMO, TD, Scotiabank, Royal Bank, CIBC), and though some offer self-employed mortgage products, they tend to be very strict with their mortgage applications and requirements. You may also be faced with higher rates than conventional mortgages because “A” lenders are taking a greater risk by working with a borrower who has less consistent income.
Rest-assured, whether it’s flexibility, access to better rates, or a lower down payment requirement, we make specialized options available to overcome these hurdles and will offer the best suited mortgage solution for you.
Our Self-Employed Mortgage Solutions
We offer the following range of self-employed mortgage solutions:
Stated Income Mortgages
With a stated income mortgage, your lender won’t verify your income however, and instead, asks that you declare or state your income.
Low Down Payment or Insured Options
Alternatively, if you can’t make the large down payment required for a stated income mortgage, there is an insured stated income mortgage option where you can make a down payment of as little as 10%, but you’ll need to have a good credit score.
Flexible Repayment Terms and Interest Rate Structures
Our approval process is much less strict than “A” lenders so you can take advantage of our flexible repayment terms and interest rate options that are tailored to self-employed income structures.
Benefits of Choosing Us for Your Mortgage
There are plenty of benefits to take advantage of when choosing us for your self-employed mortgage. We provide access to a wide network of lenders for competitive rates, helping you save money on taxes. By going through the services of Siga Financial, we can also help you take advantage of qualifying for a higher mortgage amount.
What’s more is that we have streamlined the application process to efficiently acquire approvals. Once your mortgage application is submitted to us, we can get you an approval response that same day in many cases. We provide flexibility in evaluating income and creditworthiness. Our mortgage professionals communicate in a timely manner and our transparent processes ensure you are involved from application to closing.
Take the First Step Toward Your Dream Home
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Eligibility Criteria and Documentation
Here is a list of the basic eligibility requirements needed to apply for a mortgage as a self-employed individual.
Keep in mind that depending on your bank or lender’s requirements, required documentation will differ. Be sure to do your research and ask any necessary questions in advance. Remember that Siga Financial makes mortgage solutions available even if you lack non-traditional documentation.
Talk to an Expert
Here at Siga Financial, we take the stresses out of mortgage financing for self-employed Canadians. There are plenty of different mortgage solutions we make available that are tailored specifically to self-employed individuals so you can acquire your dream home as quickly and efficiently as possible. We offer a no-obligation assessment and other value-added mortgage services.
Contact our team for a free consultation or to get the pre-approval process started for your self-employed mortgage.