Self employed mortgage applicants often have a difficult time getting approved for a mortgage. Although they might be earning enough money to service a mortgage, the banks want proof of income. Self employed applicants cannot always prove income adequately to satisfy the bank, either because they get paid for jobs in cash, or because they are showing maximum expenses in order to minimize the amount of tax they need to pay.
What's worse is that many businesses are seasonal in nature and more than salaried employees, self employed people often NEED flexible financing to survive during the slow season.
If you are starting a new business venture and want to purchase or refinance your home, good luck getting approved at the bank.
Another reason self employed people need flexible financing - you might have an opportunity that requires access to cash, for example, cheap inventory becomes available you could stock up and sell later at a considerable profit.
If you have equity in your home and need fast, flexible financing, call me at 416 876 2031.
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416 876 2031
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