It can present different challenges, but it’s not necessarily harder with the right expertise. Specialized programs and lenders are designed to accommodate self-employed individuals.
Is it significantly harder to get a mortgage if I’m self-employed? Read More »
Common documents include business registration, 2-3 years of financial statements, personal and business tax returns (Notices of Assessment), and proof of down payment.
What kind of documents will I typically need to provide? Read More »
Lenders may use specialized programs that look at gross business income, “add-backs” for certain write-offs, or stated income approaches, rather than just net personal income.
How do lenders view my income if I’m self-employed? Read More »
Potential costs can include appraisal fees, legal fees, and lender or brokerage fees. We will ensure all costs are transparently outlined for you.
What costs are generally involved in obtaining a second mortgage? Read More »
Repayment terms can vary, including options for principal and interest payments or sometimes interest-only payments. Terms are often shorter than first mortgages.
What are the repayment terms for a second mortgage like? Read More »
Funds from a second mortgage are typically provided as a one-time lump sum after the loan closes.
How are the funds from a second mortgage usually disbursed? Read More »
Generally, yes. Because a second mortgage sits in a riskier position for the lender than the first, the interest rate is typically higher.
Will the interest rate on a second mortgage be higher than my first? Read More »
