Zoocasa
Real Estate Sold Prices
Calculator
Map
Property Trends & Insights
  • Blog Home
  • For Buyers
  • For Sellers
  • Real Estate News
  • Mortgage News in Canada
  • Free Guides (PDF)
  • Real Estate Infographics
  • Real Estate News
Zoocasa
Home Mortgage News

Low Doc Mortgages; a Tool for the Self Employed

Zoocasa by Zoocasa
April 18, 2011
in Mortgage News
2 min read
Share
Tweet
Share
0 Shares

Every year 1.5 per cent more of the Canadian working population will opt to become self employed. That means that right now roughly 20 per cent of the workforce, or about 3,000,000 people, are working for themselves. And why not? Being your own boss affords a host of bonuses. Make your own hours, work with clients you choose, and if you choose to work from a home office, you can write off a lot of your expenses including rent, utilities, water, heat, phone , equipment and Internet.

Attaining a mortgage while self employed, however, can pose a bit more of a challenge. The expenses which you’ve written off in lieu of income may have left your books, and tax assessments, looking less than desirable to major banks. There are, however, lenders that base your eligibility for home financing less on paperwork and more on your credit history.

The Low Doc Mortgage is a product specifically designed for the self employed home shopper. Lenders providing this financing don’t need to see proof of your income, but they do need to see a good credit score and proof that you have been employed for the last three years.

In addition, the property you are seeking to purchase will generally need be located within, or in close proximity to, a major centre. Depending on the mortgage lender, other restrictions may apply.

Once you are approved for financing and moved into your new home, rent can be replaced by mortgage interest as a viable home business expense.

Low doc refinancing is also available. Again, with proof of good credit and sustained employment, you may qualify to refinance up to 85 per cent of the current appraised value of your property. Contact an independent mortgage broker to find out more on using a low documentation mortgage, or refinance, to fund your next property purchase, or big investment venture.

Article provided by CanEquity.

Previous Post

An In-Depth Look at the Canadian Reverse Mortgage

Next Post

Q&A: Do I need an agent to make an offer?

Zoocasa

Zoocasa

Zoocasa.com is a full-service brokerage that offers advanced online search tools to empower Canadians with the data and expertise they need to make more successful real estate decisions. View real estate listings on zoocasa.com or download our free iOS app.

Related Posts

Reality Check: Interest Rates Are Rising, Securing A Mortgage Now is Best for Buyers
Affordability

Reality Check: Interest Rates Are Rising, Securing A Mortgage Now is Best for Buyers

April 22, 2022
No Change to Bank of Canada Rate in October, Even as Inflation Burns Hot
Bank of Canada

No Change to Bank of Canada Rate in October, Even as Inflation Burns Hot

October 27, 2021
Bank of Canada Announcement: Ultra Low Rates to Stay as Economy Recovers from COVID-19 Impact
Bank of Canada

Bank of Canada Announcement: Ultra Low Rates to Stay as Economy Recovers from COVID-19 Impact

April 21, 2021

Blog Search

No Result
View All Result

Recent Articles

Five Fixes to Maximize Property Value Before Selling Your Home

Five Fixes to Maximize Property Value Before Selling Your Home

May 20, 2022
The Most Viewed Homes in April 2022

The Most Viewed Homes in April 2022

May 18, 2022
Entering a Balanced Market Spells Relief for Many Buyers: CREA

Entering a Balanced Market Spells Relief for Many Buyers: CREA

May 16, 2022
New Owner of the Cheapest Home in GTA has Big Plans for Her “250 Square Feet of Paradise”

New Owner of the Cheapest Home in GTA has Big Plans for Her “250 Square Feet of Paradise”

May 13, 2022
first-time home buyer programs and rebates

Featured Listings (Updated Weekly)

Updated: 7 Houses Under $900,000 For Sale in Mississauga

Updated: 7 Houses Under $900,000 For Sale in Mississauga

May 11, 2022
Hidden Gems in London, ON Currently Listed for Sale Under $540,000

Hidden Gems in London, ON Currently Listed for Sale Under $540,000

May 6, 2022
Updated: Cheapest Toronto Homes Currently Listed for Sale Under $1,000,000

Updated: Cheapest Toronto Homes Currently Listed for Sale Under $1,000,000

May 3, 2022
The Cheapest Toronto Condos Currently Listed for Sale Under $600,000

The Cheapest Toronto Condos Currently Listed for Sale Under $600,000

May 2, 2022

Social Media

Newsletter Sign-up

Join a community of 130,000+ subscribers. Don't miss important real estate news, market data, and buying and selling tips.

About Zoocasa

Zoocasa.com is a full-service brokerage that offers advanced online search tools to empower Canadians with the data and expertise they need to make more successful real estate decisions.

Newsletter Sign-up

Join 130,000+ weekly subscribers. Don’t miss important real estate news, market data, and buying and selling tips: sign-up here.

Social Media

Zoocasa Tools

MLS Listings Canada
Search Sold Listings
iOS App
Android App
Find an Agent
Contact Us

  • Homes & Real Estate Properties
  • Terms of Use
  • Privacy Policy
  • Contact Us

© 2015 - 2022 Zoocasa Realty Inc., Brokerage

  • Blog Home
  • For Buyers
  • For Sellers
  • Real Estate News
  • Mortgage News in Canada
  • Free Guides (PDF)
  • Real Estate Infographics
  • Real Estate News
No Result
View All Result

© 2015 - 2022 Zoocasa Realty Inc., Brokerage