Initial Consultation
During your initial consultation, we’ll review your current mortgage and financial situation, discuss your refinancing goals, and provide an overview of the options available to you.
Being your own boss comes with great perks—freedom, flexibility, and control over your business. But when it comes to securing a mortgage, the self-employed often face unique challenges. Traditional lenders may view self-employed individuals as higher risk due to fluctuating income, making it harder to qualify for a mortgage. At XLG Mortgage Group, we specialize in Self-Employed Mortgages that are tailored to the specific needs of entrepreneurs, freelancers, and small business owners.
We understand that income can vary from month to month or year to year. That’s why we work with lenders who recognize the strength of your business, your financial track record, and your ability to repay a mortgage, offering solutions that make homeownership accessible for the self-employed.
One of the biggest hurdles for self-employed individuals when applying for a mortgage is proving income. Traditional mortgages often rely on steady paychecks and T4 slips, which don’t reflect the financial reality of most entrepreneurs. Instead of regular income, self-employed borrowers often rely on fluctuating earnings, which can be more difficult to prove to lenders.
Additionally, many self-employed individuals write off business expenses to reduce taxable income. While this helps at tax time, it can make it look like you earn less than you actually do, which can impact your ability to qualify for a mortgage.
At XLG Mortgage Group, we understand these challenges and work with lenders who take a more comprehensive view of your finances.
At XLG Mortgage Group, we help self-employed individuals like you navigate the complexities of securing a mortgage. Our team of mortgage specialists is well-versed in the unique challenges self-employed borrowers face, and we work with a network of lenders who offer flexible solutions. Here’s how we make the process easier:
Flexible Income Verification
Unlike traditional mortgage lenders who rely solely on income documentation, we work with lenders that accept alternative forms of income verification. We consider factors like:
Customized Mortgage Solutions
Self-employed mortgages aren’t one-size-fits-all. We customize solutions based on your unique financial situation. Whether you have excellent credit and need competitive rates or have non-traditional income sources, our team can find the right mortgage for you.
Our lenders also offer flexible down payment options and terms that work with your cash flow, so you can confidently manage your mortgage payments even with fluctuating income.
A Wide Network of Lenders
At XLG Mortgage Group, we have access to a broad range of lenders who specialize in self-employed mortgages. This gives you more options, ensuring that you can secure a mortgage that works for your financial situation.
Whether you’re looking for a fixed-rate mortgage for stability or a variable-rate mortgage that adapts to the market, we have lenders who can accommodate your preferences.
Working with XLG Mortgage Group to secure your self-employed mortgage has many advantages. Here are some of the key benefits:
While big banks may not understand the nuances of self-employed income, our alternative lenders do. They assess your entire financial profile, including your assets and business stability, which increases your chances of qualifying for a mortgage.
With Self-Employed Mortgages, you don’t need to provide traditional income documentation like T4 slips or letters of employment. Instead, you can use bank statements, business financials, and other alternative income proof to demonstrate your ability to repay the loan.
We offer flexible repayment terms that fit with the unique cash flow of self-employed individuals. This can include longer amortization periods or interest-only payments for a set period, giving you more control over your monthly payments.
Despite the challenges of proving income, our network of lenders offers competitive interest rates for self-employed borrowers. You don’t have to settle for high-interest loans when there are options tailored to your financial situation.
Qualifying for a Self-Employed Mortgage can be different from the standard application process, but with XLG Mortgage Group, it’s straightforward. Here’s how you can increase your chances of getting approved:
Your credit score is an important factor in the approval process. Lenders use it to gauge your ability to manage debt, so keeping a good credit score can improve your chances of getting approved at a favorable rate.
Maintaining organized financial records is crucial when applying for a self-employed mortgage. You’ll need to provide documents like business financial statements, tax returns, and bank statements to demonstrate your financial stability.
A larger down payment can help offset the perceived risk of self-employment. If possible, aim to put down at least 20% to qualify for better rates and avoid mortgage insurance.
Lenders prefer to work with borrowers who have been self-employed for at least two years. Having a proven business track record shows lenders that your income is stable and reliable.
Refinancing your mortgage with XLG Mortgage Group is a straightforward process. Here’s how we guide you through each step:
Initial Consultation
During your initial consultation, we’ll review your current mortgage and financial situation, discuss your refinancing goals, and provide an overview of the options available to you.
Application Process
Once we’ve identified the best refinancing option for you, we’ll submit your application to multiple lenders to secure the best rates and terms.
Approval and Documentation
After receiving approval from the lender, we’ll review the new mortgage terms with you and ensure that all necessary documentation is in place. We’ll also explain any associated costs, such as closing fees or penalties for breaking your current mortgage.
Finalizing Your New Mortgage
Once all paperwork is complete, we’ll finalize your new mortgage and arrange for the closing process. You’ll then begin making payments on your new mortgage under the updated terms.
Deciding whether or not to refinance depends on a variety of factors. At XLG Mortgage Group, we work with you to assess your current financial situation and goals before recommending the best course of action. Here are some scenarios where refinancing might make sense:
If current mortgage interest rates are significantly lower than when you first took out your loan, refinancing could save you thousands of dollars over the life of the loan.
If you want to switch from a variable-rate mortgage to a fixed rate (or vice versa), refinancing provides the flexibility to do so.
If your credit score has improved since you obtained your mortgage, you may qualify for better rates and terms through refinancing.
If you need to access your home’s equity for a large purchase or expense, refinancing can give you access to the cash you need.
At XLG Mortgage Group, we understand the unique challenges faced by self-employed borrowers. Our experience, coupled with a vast network of lenders, ensures that we find the best mortgage solutions for your needs. Whether you’re buying your first home, refinancing, or looking to renew your mortgage, our dedicated team is here to guide you every step of the way.
Ready to take the next step toward securing your mortgage? Reach out to XLG Mortgage Group today for a consultation. Our experts are available to answer your questions, discuss your financial goals, and help you find the mortgage product that best suits your needs.
+1 905-206-0090
+ 1 833-932-0012
info@xlgmortgagegroup.com
5250 Solar Drive, Unit # 208,
Mississauga Ontario, L4W 5M8
207-460 Hespler Road,
Cambridge, ON, N1R 0E3