Overcome the challenges of being a self-employed homebuyer.
For millions of Canadians, self-employment is not just a job—it’s a way of life. It offers the freedom to work on one’s own terms, the opportunity to chase dreams, and the potential for financial success. However, when the time comes to turn another dream into reality—the dream of homeownership—being your own boss suddenly seems like a disadvantage. Traditional lending institutions often view self-employed individuals as high-risk borrowers, making it challenging to secure a mortgage under favorable terms, if at all.
At Everything Mortgages, we believe that your career choice shouldn’t be a barrier to owning your home. With over 15 years of experience and a deep understanding of the unique financial landscapes self-employed individuals navigate, we specialize in making the mortgage process straightforward, stress-free, and successful for entrepreneurs like you.
Navigating the mortgage process can be daunting for anyone, but for those who are self-employed, the journey often presents additional hurdles. Traditional banks and lenders operate within a rigid framework that favors applicants with steady, predictable incomes—typically evidenced by long-term employment in the same job. For a self-employed professional, whose income might fluctuate or be difficult to predict, fitting into this “box” can seem impossible.
These institutions often require at least two years’ worth of income statements to consider an application. Moreover, the common practice of writing off business expenses to reduce taxable income further complicates matters, as it can make a successful entrepreneur appear less financially stable on paper than they truly are. The result? Many self-employed Canadians find themselves facing loan denials or being offered loans with less-than-ideal terms.
At Everything Mortgages, we see beyond the conventional metrics. We understand that self-employed individuals possess a unique set of financial circumstances and require a mortgage solution that reflects this. Our team of licensed mortgage agents specializes in crafting strategies specifically designed for the self-employed, ensuring that you receive the mortgage you want—and deserve.
We collaborate with a broad spectrum of lenders who appreciate the entrepreneurial spirit and recognize the value and potential of self-employed borrowers. These lenders are willing to consider non-traditional income verification methods, allowing us to leverage your gross deposits and even work with as little as six months of self-employment history to qualify you for a mortgage. By taking a holistic approach to assessing your financial situation, we can present a strong case to lenders that showcases your true ability to meet mortgage obligations.
At Everything Mortgages, we provide a comprehensive suite of services tailored to meet the unique needs of self-employed individuals. Our goal is to guide you through the mortgage process from start to finish, ensuring you secure the best possible terms. Here’s a closer look at what we offer:
1. Customized Mortgage Planning: We begin by understanding your individual financial situation, business health, and homeownership goals. This allows us to create a personalized mortgage strategy that aligns with your needs. Our experienced mortgage agents take the time to listen and analyze your financial situation, ensuring we find the best mortgage solution for you.
2. Diverse Lending Options: Our strong relationships with over 35 lending institutions, including those that specialize in self-employed mortgages, mean we can offer you a wide range of mortgage products. Whether you’re buying your first home, looking to refinance, or seeking an alternative lending solution, we have options that suit your unique situation. We work diligently to find the best rates and loan options available, saving you time and money.
3. Simplified Application Process: We leverage technology to streamline the application process, making it easy for you to apply online in minutes. Our secure online platform allows you to provide the necessary information and documentation from the comfort of your own home or office. By eliminating the need for tedious phone calls and lengthy email threads, we save you time and reduce stress. Our team is also here to support you every step of the way, ensuring your experience is as stress-free as possible.
4. Expert Advice and Support: With over 15 years of experience and more than 5,000 mortgages processed, our team has the knowledge and expertise to navigate the complexities of the mortgage landscape. We understand the unique challenges self-employed individuals face and can provide tailored advice and solutions. Whether you need help understanding the income verification process, maximizing your mortgage affordability, or exploring alternative lending options, we’re here to guide you.
Personalized Service: At Everything Mortgages, you’re not just a number. We take the time to understand your unique situation and work with you to find the best mortgage solution. We believe in building long-term relationships with our clients, and our personalized approach ensures that your needs and goals are at the forefront of our service.
Proven Track Record: With thousands of successful mortgages under our belt, we have a proven track record of helping self-employed individuals just like you achieve their homeownership dreams. Our team of licensed mortgage agents has the experience and expertise to navigate the complexities of self-employed mortgages, ensuring you receive the best possible outcome.
Client Testimonials: Don’t just take our word for it. Our satisfied clients are our biggest advocates, and their testimonials speak volumes about the level of service and support we provide. We encourage you to read their stories and see how we’ve helped self-employed individuals overcome the challenges of securing a mortgage.
Ready to take the first step towards securing your self-employed mortgage? Here’s how to get started:
Online Application: Visit our website and complete the online application form. It’s quick, easy, and the first step in your homeownership journey. Provide us with some basic information about yourself and your financial situation, and we’ll guide you through the next steps.
Document Preparation: Gather your financial documents, including income statements, tax returns, and any other relevant financial information. This will help us assess your situation and find the best mortgage solution. If you’re unsure about what documents you need, our team is here to assist you.
Consultation: Once we’ve reviewed your application and documents, we’ll schedule a consultation to discuss your options and answer any questions you may have. This personalized consultation allows us to understand your goals and preferences in more detail, ensuring we provide you with the best advice and solutions.
Resources to succeed as a first time homebuyer.
Buying your first home is one of the most exciting and possibly the biggest financial decisions you’ll ever make – and you want to do it right. Nearly half of first-time homebuyers in Canada are young professionals who simply want to “become a homeowner.”
But, many aspiring homeowners quickly realize how challenging it is to fulfil their dream of homeownership. Purchasing a home is a big financial commitment involving many tasks, steps and requirements. Challenges may pop-up along the way making the process difficult, confusing and complicated, leaving many aspiring homeowners feeling anxious about making an expensive mistake.
So, where do you go? Or, more importantly, who do you trust with such a significant financial decision?
With a deep understanding of your long-term financial goals and current financial status, your Everything Mortgages Broker will guide you through the homebuying journey, answering your most daunting questions and mitigating any challenges along the way.
Use your home loan to achieve your financial goals
Mortgage refinancing is renegotiating your existing mortgage loan and replacing it with a new one. Homeowners will often refinance to obtain a lower interest rate, shorten the term of their mortgage, reduce interest payments, consolidate debt, finance a large purchase or to raise funds to cover a financial emergency.
When you refinance your mortgage you get new terms on your existing home loan. Oftentimes, the savings earned from a new interest rate outweigh the prepayment costs associated with refinancing. In fact, many lenders say 1% savings is enough of an incentive to refinance.
When done strategically, mortgage refinancing can be a great financial tool to reduce your mortgage payment, shorten the term of your loan, help build equity quickly or combat high-interest debt.
Think you can’t get a mortgage with poor credit? Think again.
Many Canadians have experienced financial setbacks which may have affected their credit. Perhaps you were laid off or suffered an illness that forced you out of work. Maybe you went through a messy divorce or maybe you experienced a financial small business in your small business which forced you to default on loans and credit card payments.
If you have bruised credit don’t fret! There’s still hope yet. We take the time to understand your entire story and look beyond your credit rating to understand the “big picture.” We work with lenders who understand the challenges borrowers have with low or no credit and offer solutions to help them succeed. We help pave the way to homeownership with guidance that is unbiased and fair. And, we only disclose your financial information if you’re likely to be approved by that lender.
If you have poor or no credit but work with the right person and take the right steps, you can still fulfil the dream of home.
Ditch the high-interest debt and take control of your finances
High-interest debt such as credit cards and personal loans can be a headache to manage and a challenge to overcome. They are designed by the banks and credit card companies to keep you in debt longer. The interest payments can be difficult to pay every month, let alone the principal, especially if you have multiple payments to juggle.
If you have personal debt looming over your head every month the stress, anxiety and worry can be too much to bear. You may feel like you’re so far down the rabbit hole that you’ll never achieve the financial freedom that you desire. Luckily, there is a solution.
Why waste money paying the bank’s high-interest rates when you can add the debt to your mortgage at a much lower rate? If you own your home, tacking on high-interest debt to your mortgage principal can be a good way to shave down any outstanding balance while saving money and increasing cash-flow.
However, debt consolidation mortgages are not for everyone. A good Mortgage Broker will know the difference between “good debt” and “bad debt.” A well-planned mortgage can help you turn those bad debts into good debts, get them out of the way and help you achieve financial freedom sooner.
If you’re feeling held back by high-interest debt, want to take control of your finances and finally get ahead again, then let’s chat. We’ll help you decide if it’s a good option for you and develop a strategy to beat the big banks for good!
If you have multiple loans, the interest adds up quickly. We’ll work with you to consolidate all your loans into one single payment with one lower interest rate, allowing you to become debt-free sooner.
When you have 10 or more debt payments every month, you may feel stressed and overwhelmed. Not only does multiple interest payments add up, but it prevents you from making payments towards the principal loan amount, forcing you into more debt.
Stop trying to juggle multiple payments with different lenders. Instead, focus only on one single payment every month. With a more manageable and successful debt-repayment plan, you can breathe easy knowing that you’re consciously working towards achieving your financial goals.
Use the equity in your home to help conquer your goals.
Buying a home is likely one of the largest purchases and most lucrative investments you’ll ever make. But, it can also be the most powerful financial borrowing tool that you have.
While both a home loan and a home equity line gives you access to the equity in your home, a home equity loan gives you a one-time lump sum of money. Whereas a home equity line of credit (HELOC) provides convenient, ongoing access to funds when and as you need it.
The more equity available in your home the more funds you have available to borrow. The home equity line of credit (HELOC) is a revolving line of credit that’s secured against your home loan. And, with it, you have the freedom and flexibility to use the funds as you need and will benefit from repaying the line of credit with interest-only payments on the funds you actually use.
A HELOC can be used to cover current or future expenses or help you achieve financial goals. Canadians will often use a home equity line to consolidate high-interest debt, finance large expenses such as a home renovation project, pay down their mortgage principal or, save it as an emergency fund for a rainy day.
With access to cash at a lower price point than a traditional home loan and the flexibility to use the funds as you wish, the home equity line of credit can be a tool that gives you incredible buying power. Talk to us today to see if a home equity line is right for you.
Access the equity in your home without being forced to sell
When people think of a second mortgage, they usually think of high-interest rates, large fees and a big loan shark preying on their property. But, in reality, a second mortgage can be a great way for homeowners to fulfil other endeavours without having to sell their home.
A second mortgage is a type of loan that allows you to borrow against your existing home loan. It is an additional loan taken out on a property that is already mortgaged. And, yes, they do come with a slightly higher interest rate but only because it’s considered a riskier investment than a first mortgage.
However, these rates are still significantly lower than high-interest credit cards, car lease payments or unsecured lines of credit. Your home is possibly your biggest asset, and over time that asset becomes more valuable. The value gained is equity that you can utilize to fulfil other financial goals or projects.
A second mortgage can help you consolidate your debt and improve your credit score, allowing you to qualify with a prime lender sooner than you would otherwise. Beyond debt consolidation, a second mortgage can be used to finance other life events such as higher education, vacations or home improvements.
At Everything Mortgages, we have access to a network of second mortgage lenders, both institutional and private. Our mortgage specialists can match you with a lender in as little as 48 hours regardless of your credit, income and employment history.
Lenders offer more lenient qualification requirements.
Lending is short-term ranging from 6 months to 1 year.
Closing can be as quick as 48 hours.
Lending rates typically start at 5.99%, which are lower than other high-interest credit options.
You may pay a lender fee of 1.5% to 2%.
Build wealth and prepare for the future
If you invested in Ontario residential real estate in the past 20 years, chances are your property is worth substantially more than when you originally purchased it. You may have already owned your home for the past 5-10 years and seen your equity skyrocket. Perhaps you have even thought about how you can own a rental property to generate a steady passive income stream, or, wondered how you can better prepare yourself for retirement.
Residential real estate in Ontario has outperformed many other investments. This, along with an increasing demand for rentals in urban areas, makes buying an investment property a financially savvy move.
As a homeowner, you’ve already built up equity in your home. An investment property mortgage leverages that equity, allowing you to purchase a rental property without putting down the cash. Using your existing home equity is a strategy that can be used to create a passive monthly income stream that covers the rental property mortgage and then some. This means that not only will your tenants completely cover your rental property, but with the right investment property mortgage, you’ll also be growing your wealth and increasing its value over time.
When you’re ready to take the next step towards your investment property purchase, we’re here to help. Our team of mortgage advisors specialize in investment property financing throughout Ontario. The best part is you can sit back and relax and while we handle all the “busy work.”
Get the funds you need to transform your house into a home.
You’re likely here because you’ve decided that it’s much more beneficial to make your house suit your needs rather than selling and buying new. Why deal with the stress, costly fees and adjustments of moving to a new neighborhood?
Maybe some new landscaping, an extra wing for your growing family, an expanded kitchen, or a swimming pool in the backyard is just the thing to make your home better suit your needs. Or, perhaps you’re ready to move-up and want to upgrade your home’s features to make it more appealing to potential homebuyers.
In any case, a record number of Canadians have tapped into their home equity for improvement projects. There’s never been a better time to access the extra funds that can help bring your home to that next level of comfort. Consider accessing the cash you need to complete the home renovations and improvements you’ve been dreaming of.
Our simple, stress-free guide to mortgage renewals.
When the term on your current mortgage expires, it’s time to renew your mortgage. A mortgage renewal is an opportunity to negotiate a better interest rate, better terms or consolidate debt.
The bank or financial institution you currently have your mortgage with will offer you an automatic renewal. Typically, they will send you written notice a few weeks before your renewal date. The easiest solution may be to just sign on the dotted line. By doing so, you forfeit the opportunity to explore additional options, potentially costing you thousands on your future loan.
Over half of Canadian mortgage holders will re-sign with their existing lender under the same terms. Borrowers rarely ask questions about their mortgage as they don’t want the hassle of renegotiating with the lender. Lenders know this and therefore won’t offer the lowest rate or best terms available come renewal.
That’s where we come in. When it’s time, we’ll take care of your mortgage renewal so you don’t have to. We will assess your existing mortgage, compare it to the current market conditions and negotiate with lenders on your behalf. We specialize in mortgage renewals for homeowners in all situations including standard renewals, homeowners seeking advanced pre-approvals and early renewals, regardless of debt, income or credit.
A mortgage is probably the largest expense you will ever have and making this mistake could cost you thousands! If you want to get a renewal reminder simply let us know here and three months before your renewal date we’ll send you an email with more information on how to get started.
READY TO GET STARTED?