Self-Employed Mortgages

Tired of hearing the “inconsistent income” words?
We get you.

We understand how difficult it is to get home mortgages as a self-employed individual, and we get the frustration that comes with it. After all, you may have a better income than employed people, and your small business may be thriving. But you still get those words when you try to apply for a loan and those two little words hold you down and make it very hard for you to improve your lifestyle and get what you want.

But, nevertheless, it is possible to get self-employed mortgages, and we are here to make sure of it. You will need to provide proof of income to secure a mortgage as a self-employed individual, including a two-year average of Line 150 on your tax return. You will need to have an excellent credit history, ideally without any payment delays and significant debts. There is also other paperwork involved regarding your business, and you will need to be able to provide a down payment of at least 10%.

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Contact Rampone-Marsh Mortgages for further guidance and find out how you can get a convenient self-employed mortgage loan.

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Applying for a mortgage shouldn’t be hard or confusing,
let’s break this down and make it simple for you!

Can I make my down payment with gifted money?

In most cases, the answer is yes. However, the funding must be from a family member. There are certain circumstances in which you cannot use gifted funds. For example, your mortgage product may have a limit on the percentage of the down payment that can be gifted. Rampone-Marsh Mortgages can find out if your gifted funds can be applied to your down payment.

What kind of clients do Mortgage Brokers work with?

Rampone-Marsh Mortgages works with homebuyers and homeowners from many walks of life.. These clients include:

Why is a mortgage insurance premium necessary?

Regardless of mortgage rates, if a down payment is less than 20% of the home or property value, mortgage insurance is mandatory in Kelowna (and across Canada). Mortgages have built-in insurance premiums, so, therefore, the clients do not pay “out of pocket” for this expense. For mortgage lenders, a down payment of this size is more of a risk, so the mortgage insurance premium acts like a guarantee in the event of a default on the loan.

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You guys, rock!

Thank you.

Garnet Dickinson

May 4, 2020

We used Aaron Marsh just this past month to get a first mortgage on our home to purchase a business. First we went to our long time financial institution, they…

Karyn Mackenzie

May 3, 2020

Lennie Rampone’s a real pro, he always comes through for us with amazing and creative deals. This guy knows his stuff and we trust him 100%.

Carrie Mayhew

May 4, 2020

This is the second time that we have used Aaron Marsh as our Mortgage Broker and he is AWESOME. Not only is he extremely knowledgeable about the market but he…