Toronto Mortgage Professionals

No Income Verifiation, Self Employed

No income verification mortgages are obtainable for home purchasers in the Vaughan and Toronto area who are self-employed, receive commission-based salaries or for other reasons have a fluctuating monthly income.

In order to qualify for a no income verification mortgage it is important to have a very good credit score since this will indicate to the lender that in the past you have repaid your loans and other debts in a timely and consistent manner.

Typically no verification and self-employed mortgages require a far more substantial deposit (often up to 35% of the purchase price) and interest rates will also be significantly higher so overall you will probably have to pay more to finance your home purchase than with a regular mortgage loan.

For this reason, at RMA Mortgages our brokers first explore every possible route to enable you to qualify for a conventional mortgage before looking at no income verification and self-employed mortgage options.

Call us on 416-433-6919, email us at asoberano@discountedmortgages.ca or contact us on line to find out more.

 

How RMA Mortgages Brokers Can Assist

Our Toronto and Vaughan based mortgage agents can assist you in providing all the data that banks, credit unions, trust funds, private investors and other traditional mortgage lenders need to approve you for a regular home purchase loan.

We can also advise and assist in the best ways to improve your credit score by removing errors from the system, and in other ways that will boost your credit score and rating.

If, despite our best efforts, you still do not qualify to apply for a traditional mortgage loan, then we have plenty of options to explore with you regarding a no income verification and self-employed home purchase financing.

 

What you need to know about no verification and self-employed mortgages

  • From the lenders point of view these are higher risk mortgages because you do not have to show pay slips or other proofs of income in order to qualify.

  • Without proof of income you will need to have an excellent credit score to show that you have a history of paying back credit and other debts in a consistent, timely fashion.

  • Be prepared to put down a larger deposit than with a conventional mortgage. The exact amount you will be required to put down up front varies according to individual no income verification lenders and your personal circumstances but deposit amounts of up to 35% of the purchase price are not unheard of.

  • Be prepared to pay a higher rate of interest than with a conventional mortgage. Again this varies according to your specific situation, credit score, current assets and financial situation, etc, but expect to pay several points higher than the average rate.

  • Be prepared to show bank statements, income tax returns and other documentation to show the flow of income into your accounts.

  • Be prepared to discuss the financial details of your self-employment with us in detail and be able to provide information about expenses connected with your line of work (cars, travel, housing expenses hospitality costs etc) since these are considered “add-backs” by some lenders and may increase your eligibility for a no income verification home purchase loan.

 

RMA Mortgages brokers have been very successful in connecting our self-employed and other clients with fluctuating incomes with home purchase mortgage lenders in the Vaughan and Toronto area.

For more information and to talk to one of our experienced mortgage brokers, please contact RMA Mortgages of Vaughan and Toronto.

Our regular working hours are weekdays from 9am-7pm, Saturdays from 10am-4pm or we can meet with you at any other time outside normal business hours.

RMA Mortgages Brokers of Toronto and Vaughan: connecting self-employed and other clients with fluctuating incomes with GTA mortgage lenders.

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