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Self Employed Mortgage
The Self Employed Mortgage is our primary mortgage designed specifically for self employed clients. More and more clients are leaving the 9-5 world and going into business for themselves. Traditionally this was a real problem when it came time to apply for credit or to purchase a home as most business for self clients don't show a lot of income on their tax returns. Luckily today many of our mortgage lenders have taken notice of this problem and have come up with a great solution, they just don't ask to see your income tax. We can qualify clients with as little as 5% down under this program as long as they have good credit, a business that has been established for at least 2 years and the business income is sufficient to cover the declared income.
For the most part, our self employed mortgages are priced with the same lowest mortgage rates in Canada that you see on our website however some of our mortgage lenders do charge a small premium for these loans. Whatever your situation however, we will find you the best rate mortgage and personalize it for you!
Generally, equity mortgages such as these were restricted to business for self and commissioned sales people however we do have access to some equity loans for salaried employees as well. They generally require more equity than a business for self mortgage however they are a great product for those with difficultly proving income.
Product Options
Variable Rate Mortgages
Variable rate mortgages fluctuate with the banks prime lending rate. The discount off of prime that you receive can fluctuate with market conditions and what each lender is offering at any given time. When going this route however there are some things you need to understand about the product and this is where a professional mortgage advisor can help you out.
Is a variable rate mortgage for you?
- Do you have room factored into your budget if your payments were to go up? (How is your rate tolerance?)
- Do you follow the rates to know if or when you should lock into a fixed product? (We have you keep in touch with us for regular updates on what is happening with both the fixed and floating terms when you take a variable rate mortgage).
- What would your rate be if you chose to lock in at some point? Is that discount in line with the wholesale rates available in the market? If it's a certain discount off of the going rate, is it in line with what is being discounted today on that product? (Some lenders offer good discounts off of prime on the variable portion, but don't offer any discount off posted rates should you choose to lock into a fixed term product and you are locked in for 5 years; we help you avoid this trap).
Fixed Term Products
Fixed term mortgages are those which have interest rates that are locked in for the full term of the mortgage. When you shop for a fixed term product, the biggest differences will come in the interest rate and pre-payment privileges. We offer the best wholesale rates available in Canada today. We have terms as short as 6 months and as long as 25 years, and we can work with you to find the right term based on your specific situation, one size does not fit all! We also think ahead to the end of your term and try to put you with lenders that will offer you their best rates on renewal as well (see Lender for Life Option).
HELOC (Home Equity Line of Credit)
Our HELOC Option is the next generation of mortgage, a hybrid of sorts. Within your HELOC you can hold fixed terms, variable terms and lines of credit individually or all at the same time!
Want to borrow some money to invest, buy a car or send the kids to school? Separate them all for ease of accounting. Can't decide between long or short term, do both! The HELOC Mortgage is not just a mortgage, it's a valuable tool in your overall financial plan!
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