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

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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.

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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!

What is mortgage life insurance?

Mortgage life insurance provides coverage that would pay off in the event of death or disability of the home owner. Contact our office in Kelowna for more information and to find out about your mortgage life insurance options.

Why is an appraisal necessary?

Every conventional mortgage that includes a minimum 20% down payment requires an appraisal because the mortgage is uninsured. The lender wants to see that your purchase price is in line with the property’s fair market value. Lenders want to see that you are purchasing a quality property and that they will be able to recuperate the full amount if you default on the loan.

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.

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You guys, rock!

Thank you.

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Here’s some more on Self-Employed Mortgages!

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Yeaaaaah mortgage!

Whether you’re self employed, or buying a home for a new family, we have the perfect mortgage option for you.