Are you a Canadian business owner struggling to find your footing in the mortgage qualification process? Traditional banks might not always understand the unique challenges you face, but as an Independent Mortgage Broker, Alex McFadyen (aka The Mortgage Pug) from Flow Mortgage Co. is here to guide you through the maze of options available to entrepreneurs.
In this essential video, we break down:
🚧 Qualification Hurdles: Explore the common struggles business owners encounter when trying to qualify for a mortgage.
🛣️ Three Paths to Approval:
Qualified Income: Discover how traditional qualification methods may work for you.
Stated Income: Learn about qualifications based on self-declared income, tailored for entrepreneurs.
Fully Stated (Revenue Based): Dive into qualifications based on your business's revenue, offering another avenue to mortgage approval.
⏳ The Cost of Waiting: Weighing the pros and cons of delaying your mortgage application versus taking the plunge into the real estate market now.
🛠️ Self-Employed Success Strategies: Uncover additional tips and tricks for self-employed individuals eyeing the real estate game.
Whether you're navigating the complexities of mortgage applications for the first time or looking to leverage your business success into real estate investment, this video is packed with insights and advice tailored specifically to the entrepreneurial spirit.
🎙️ Make sure to check out our brand new podcast, "The Flow: Real Estate & Money Show" wherever you listen to podcasts. podcasters.spotify.com/pod/sh...
🌐 For detailed insights and tailored advice for the Canadian market, don't forget to visit www.getflowmortgage.ca/. And, if this content lights a bulb for you, give us a like, share, and make sure you're subscribed to Flow Mortgage Co.
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Timestamps:
0:00 Introduction
1:05 The Struggle of Getting Qualified as a Business Owner
3:00 The 3 Lending Options
3:10 Qualified Income
5:30 Stated Income Program
7:45 Fully Stated "Revenue Based"
8:35 Key Considerations When Qualifying as a Business Owner
9:18 Should You Wait To Qualify?
10:17 Final Tips for Buying a Home if You're Self-Employed
Негізгі бет How To Buy A Home if You're Self-Employed
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