Among other recent changes to insured mortgage lending guidelines, the Dep't of Finance has announced a change starting April 9, 2010 that will make it tougher for self-employed people to qualify for a mortgage.
In the past it was understood that some self-employed people, while they weren't necessarily reporting significant income, might still be operating profitable businesses. Starting April 9, 2010, if you've been in business at least 3-years, your "net income" will become a key factor in qualifying for a mortgage.
What this means is that a significant number of self-employed borrowers will have trouble qualifying for a mortgage through traditional lending channels. Fortunately, there are mortgage lenders in Canada who do not use the conventional insurers, and who will still be able to qualify your buyer without proof of income, with as little as 10% down payment.
It will be more important than ever to have a good mortgage broker who can save you time - and possibly your deal too - by quickly determining the best place to get your buyer a mortgage.
If you need my help placing a mortgage, give me a call. I promise to respond promptly and professionally. I look forward to hearing from you!
Sincerely!
David Grossman
The Mortgage Mensch
Tel: 416 876 2031
Website: www.mortgagemensch.ca
If you are receiving this feed as an e-mail and don't see the post, please click back to the blog page http://mortgagemensch.blogspot.com/ as it is probably a video that has been posted. Thank you for subscribing to this blog! For more information call David Grossman at 416 876 2031 or go to http://www.mortgagemensch.ca to visit website.
