Mortgage Self Employed | Mortgage Broker Kevin Carlson Explains Self Employed Mortgages In 2020

A big part of qualifying for a mortgage is income. When you are self employed, sometimes that income is difficult to quantify. Mortgage broker Kevin Carlson from Regina Saskatchewan explains income qualification for mortgage lending for those that are self employed.

Video Chapters
0:00 Intro
0:44 Purchase – under 20% down
1:20 Minimum 2 years
2:04 Income numbers used
3:32 Stated income programs
4:21 Income projection – doctor, dentist, vet
5:09 Same field & now self employed
5:55 Purchase or refinance – over 20% down
7:33 Income tax up to date
8:05 Good credit helps
8:40 Conclusion

Mortgage lending in Canada has gone through many changes over the last 10 years and probably the most affected is the self employed mortgage products. Tightening rules and guidelines in this area has been making it more difficult for business owners to get approved for the mortgage that they are applying for.

This video explains the ways that income is qualified for self employed business owners that are sole proprietors or have incorporated companies.

#mortgagebroker #realestate #entrepreneur #selfemployed #saskatchewan

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Website: https://www.KevinCarlson.ca
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Twitter:   / kevincarlsonamp  

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