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ASK
OUR EXPERTS...
I am self-employed and would like to purchase my own home. What
financing options are available to me?
By Kim Turner of Invis
One in every six workers in Canada is self-employed, so you are not
alone. In the past, when it came time for this growing market segment to
secure a mortgage, lending guidelines worked to restrict access to
mainstream mortgages. The result was often a frustrating, time-consuming and
humiliating experience. Self-employed individuals had to contend with added
scrutiny when getting approved for a mortgage - even if they were
financially sound and had good credit.
Fortunately, there have been enormous changes in the mortgage industry in
the last five years. More financial institutions now offer specialized
consumer lending products that address the particular needs of the
self-employed and recognize their entrepreneurial efforts. There are lenders
who now offer mortgages for the self-employed for up to 95% financing,
without providing traditional proof of income.
The nature of your income is no longer an issue. The same opportunities for
being approved for a discounted mortgage are available to everyone, whether
you are salaried, in commissioned sales, contract worker, small business
owner or independent professional. Even newly self-employed individuals are
eligible if they have two years experience in their field of expertise.
The tremendous growth in the housing market over the past several years
enabled mortgage providers to develop new products and services to meet the
varied needs of borrowers including the self-employed. Whether you are
considering purchasing a new or second home, refinancing to consolidate
debts; renovating or sending the kids to university or are close to renewal,
you should explore your financing options with a mortgage professional.
Discounts on posted mortgage rates are now common and more choices are
available including longer amortizations, variable rate mortgages and Lines
of Credit. It is important to remember that when you are making the most
important financial decision in your life, namely the purchasing or
refinancing of a home, that the person you deal with is educated,
knowledgeable and professional.
It is also important that you have all the information available when
finalizing your mortgage decision. An AMP (Accredited Mortgage Professional)
can help with all your financing needs. Be sure to ask the person you are
dealing with what designation or qualifications they have.
For more advice on your personal or business mortgage needs, contact Kim
Turner, AMP, Invis, at 403.560.2247, email
kimturner@invis.ca or visit
www.kimturner.ca
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