Canada Mortgage and Housing Corp. is making changes so that it’s easier for self-employed borrowers to qualify for a mortgage.
Self-employed Canadians are a significant part of our work force. They have a harder time qualifying for mortgages since their income may vary and can be less predictable. The changes taking place on October 1st will provide more guidance and flexibility to lenders to help self-employed borrowers obtain a mortgage. A broader range of acceptable documentation will increase flexibility for satisfying income requirements.
If you want to find out more about how this affects you contact your team at The Mortgage Centre KW today!CONTACT US