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Self Employed Mortgages. What Options are Available for Self Employed Borrowers? (#009)

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Are you self employed? Is running a business hindering your ability to buy the home of your dreams? If you aren’t sure about mortgage options for self employed borrowers, then you could risk paying too much.

Self employed borrowers follow different mortgage rules. Buyers aware of these criteria enjoy better mortgage rates. Does this describe your Vancouver home buying goals?

If you’re self employed and want to know more about your mortgage options then invest 20 minutes to listen to this edition of The Mortgage Newscast, where host Erik Reynolds interviews accredited mortgage professional Jared Dreyer, president of Dreyer Group Mortgages, a proud member of the Verico Brokers Network, about mortgage options for self employed borrowers.

Self employed borrowers can expect to fill out more forms than the average homebuyer. An article in the National Post* says that “changing attitudes among lenders makes it more difficult for the self employed to deal with top-tier banks”. This interview is a chance to for the self employed to learn all the available options.

How Rules Differ for the Self Employed Home Buyer

The episode kicks off with an explanation from Jared about different mortgage rules for self employed borrowers on the Semiahmoo Peninsula. A few of the rules were first put into place as recently as November, 2012.

Because the topic is self employed borrowers, it’s no great surprise that one of the rules involves income. Jared describes the difference between verified and stated incomes, and gives examples of each.

If you aren’t sure which rules apply to your mortgage, then you won’t know how to prepare to buy a home.

Lender Requirements for the Self Employed Home Buyer

Then Jared goes on to talk about some of the requirements regarding mortgage options for self employed borrowers. He also takes time to answer these common questions:

  • What requirements apply to my down payment?
  • Can I use gift funds if my income is stated?
  • What documents can provide my proof of business?

Now consider two questions. Are you unsure what type of income your business brings in? Could you use more information about mortgage options for self employed borrowers? If you answered “Yes” to either, then it’s time to do some homework.

How Lenders Validate Self Employment Income

Next Jared describes the verification process that lenders use to verify a self employed borrower’s income. He details how this applies to both verifiable and stated self employment income.

The laws regarding mortgages in western Canada, including the Semiahmoo Peninsula, are always changing. Self employed borrowers who use a mortgage broker to answer their questions skip a lot of the hassle. What’s keeping you from doing that?

The episode wraps up with some his final thoughts from Jared about mortgage options for self employed borrowers, which includes how to know if you’re getting the best possible advice.

Are You Ready to Discuss Your Options?

What questions would you like to ask a mortgage broker? Do you want to know more about rules regarding self employed borrowers? Listen to the entire podcast, and if you have questions or comments share them in the space below. We look forward to discussing your feedback.

After you finish listening to this informative podcast, please contact Dreyer Group Mortgage Brokers at 1.800.687.9020 or apply with us using our 30 Second Application. We look forward to hearing from you!

30 Second Mortgage Application: http://www.dreyergroup.ca/30-second-mortgage-application/

Dreyer Group Mortgage Brokers
#308 – 15252 32nd Avenue
Surrey, BC V3S 0R7

Phone #: (604) 536-3802

Website: http://www.dreyergroup.ca/
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Facebook: https://www.facebook.com/DreyerGroupMortgages
Twitter: @dreyermortgages

*http://business.financialpost.com/2013/09/19/self-employed-prepare-for-a-long-conversation-with-your-mortgage-broker/