
Success Story: Navigating Complex Self-Employment Mortgages!
I’m excited to share a recent success with some clients who faced challenges getting approved through traditional banks due to their self-employed status. 💪
Many self-employed individuals find it difficult to secure financing with big banks or prime lenders, especially if they’re not paying themselves a significant salary or large dividends from their corporation. This can limit their options and purchasing power.
Enter B lending! 🔑 B lenders have different requirements and utilize a bank statement approach to calculate income, which allows for greater flexibility. Instead of relying on averaging dividends or T4 income over two years, B lenders look at your actual cash flow. This means you can maintain a lower salary to take advantage of tax benefits while keeping more money in your business.
While B lending does come with higher rates and additional fees, the benefits often outweigh the costs. In this case, going the B lending route allowed my clients to qualify for a $650,000 purchase with a 20% down payment—compared to just $300,000 with a traditional A lender! 💥
This demonstrates the importance of understanding your financing options, especially for self-employed individuals. If you’re navigating similar challenges, let’s connect and explore how we can unlock your homeownership dreams!
Gordy Sundar
Mortgage Broker | Mortgageline
M: +1-403-585-0921
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