Many small business owners have a hard time proving their income when applying for mortgage financing.
A lot of banks consider self-employed individuals a higher risk because their income isn’t easily verified. And while there is heightened scrutiny on mortgage applications for small business owners, we’re happy to let you know that there are indeed many options still available to you regardless of the type of income you make.
When you apply for a mortgage as a self-employed individual, you will be asked for different types of income variation to support your application than a regular salaried employee would be asked for. This is one of the main differences in the application process.
The key to securing mortgage financing as a self-employed individual is to plan ahead. Just like you make business plans and have a strategy to grow your business, you need a mortgage plan to ensure you get the best terms when buying a property, refinancing, or renewing an existing mortgage.
We specialize in providing business owners with mortgage options. As business owners ourselves, we understand first hand what it takes to qualify for mortgage financing. We’re in the same boat together. We’d love to work with you.