Being self-employed in Barrie has some incredible rewards and seemingly endless benefits, but there can be some pretty big limitations as well – especially when it comes to securing a mortgage. In the midst of current economic turbulence, lenders tend to be leery when financing those who have taken a risk and are self-employed. People with ‘regular’ jobs are often deemed ‘more secure’ than those who are entrepreneurs.
This can be incredibly frustrating for those who are self-employed. Chances are, you have a successful business and have been wise with your money. This is a time when you just need a little extra help to get you over the hump. The housing market in Barrie remains incredibly strong and you’re probably hoping to secure a great mortgage pretty soon. The unfortunate truth is that 10 years ago, most lenders would have given you a mortgage in a heartbeat. It’s a bit of a different story today.
So what does this mean for you? Is it going to be impossible for you to get a mortgage? Perhaps it’s time you meet up with a mortgage broker for some answers.
3 Ways a Mortgage Broker in Barrie can help if you’re self-employed:
1. A mortgage broker will save you time – One of the biggest hurdles you have overcome with being self-employed is time management. Your time is already stretched pretty thin. A mortgage broker will take care of the more tedious tasks to make it easier for you get a mortgage here in Barrie.
2. You may have more options than you think – Because a mortgage broker deals with multiple lenders from all over the country, chances are, you’re more likely to get a mortgage than through a bank here in Barrie. Some lenders are private investors and understand that there is actually less risk when dealing with people who are self-employed.
3. Mortgage brokers can help anyone with any credit – Sometimes self-employment comes at the cost of one’s credit. Even though you have been quite successful, owning a business could actually have a negative impact on your credit. A mortgage broker can find mortgage solutions for anyone with any kind of credit.
Barrie has one of the strongest housing markets in Ontario and finding the right mortgage broker is crucial if you’re self-employed. As mentioned earlier, traditional lenders, such as banks, may deem certain clients as risky, but self-employed clients are exactly the type of people that can best utilize a mortgage broker.