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.
|
OPTION
1 -
10% Down Payment!
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 3.89%
- 35 Year Amortization in Example
- Shorter amortization = lower ins premium
-
Larger down payment
= Lower premium
- Monthly payment = $1,644.18
|
CLICK HERE TO START A MORTGAGE APPLICATION
|
|
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 3.89%
- 35 Year Amortization in Example
- Shorter amortization = lower ins premium
-
Larger down payment
= Lower premium
- Monthly payment = $1,525.22
|
CLICK HERE TO START A MORTGAGE APPLICATION
|
|
OPTION
3 -
Purchase or Refinance to 85% LTV regardless of your
credit!
No credit history or very bad credit?
If you do not have credit good enough for a bank, there
are some options. Private money is available for you and the maximum LTV
expected is approximately 75% - 85%. That means you could refinance your property
up to 85% of its value or purchase a home with as
little as a 15% down payment. The rates
can be higher than bank rates and lender fees may apply.
| Example: |
Purchase price / Property value |
$400,000.00 |
| Less down payment /
Remaining equity (15%) |
$60,000.00 |
| Net Mortgage |
$340,000.00 |
|
- 5 year rate of 8.00%
- 35 Year Amortization in Example
- Monthly payment = $2,382.81
|
CLICK HERE TO START A MORTGAGE APPLICATION
|
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....Order your Mortgage by number. It's as easy as
that!
