Common Mistakes Self-Employed Borrowers Make When Applying for a Private Mortgage?
Are you self-employed and planning to apply for a private mortgage in Calgary? If so, you should work with a professional private mortgage lender in Calgary for self-employed borrowers. Self-employed individuals do not have regular pay stubs or T4S; thus, many lenders in Canada tend to view them as higher risk. That is why it is important to work with an expert mortgage advisor who will help you navigate the process of a private mortgage in a hassle-free way. What are the Common Mortgage Mistakes to Avoid? Underreporting of Income: One of the most common mistakes a self-employed borrower makes is minimizing their taxable income to reduce tax liability. While this might help during tax season, it becomes a major hurdle when applying for a mortgage. The private lenders focus on the income proof, stability, and if your reported earnings are low, your application may not meet the lending criteria. No Proper Documentation: The private lenders require documentation like Notice of Ass...