With new mortgage lending guidelines coming down the pipe like the new stress test, it has become harder and harder for clients to qualify for conventional mortgage financing with the big banks. Having a good relationship with your bank means nothing these days and the concept of good will and benevolence don’t seem to exist. Good credit is not enough to qualify you for a mortgage these days. Most major lenders want proof of income that is both consistent and sufficient to cover the money you are borrowing. They want salaried employees with long term employment, whose taxes are up to date. The reality is that very few people can demonstrate one of these conditions, let alone all of these.
Self-Employment
Laid-Off
On Maternity Leave
Not Claiming All Their Income
Working in the Service Industry & Don’t Claim Tips
Between Jobs
Retired
On Disability
On Social Assistance
On Unemployment Insurace
Contrary to what most of the big banks will tell you, there are several lenders who are willing to compete to get clients with these types of issues. Even if you can’t prove your income in the traditional sense, it does not mean you represent a serious risk to a lender. If you are struggling financially or can’t prove your income in the traditional sense, Secondmortgage.ca has a variety of options we can even subsidize your mortgage payments or fully prepay your mortgage. If you want to find out how much you may be eligible to borrow, give our home equity calculator a try. You can also call us for a free consultation at 1-866-306-2637 or apply online.
