Self Employed Mortgage Solutions for You!
Refinancing your mortgage can be a smart financial move, especially when the interest rates are low. Refinancing can help you save money, pay off high-interest debts, and shorten the length of your mortgage. If you're looking to refinance your mortgage, Boychuk Mortgage Group - Mortgage Broker can help you find the best mortgage options and rates in Burnaby, British Columbia.
Refinancing can help you save money:
One of the biggest benefits of refinancing your mortgage is the opportunity to save money on your monthly mortgage payments. If you can find a mortgage with a lower interest rate than your current one, you can save a considerable amount of money over the life of your mortgage. This can free up money for other things like investments, home renovations, or family vacations.
Pay off high-interest debts:
If you have high-interest debts like credit card balances or personal loans, refinancing your mortgage can be a smart way to consolidate your debts. By combining your debts into your mortgage, you can lower your interest rates and make one easy payment each month. This can help you pay off your debts faster and save money on interest charges.
Shorten the length of your mortgage:
Refinancing your mortgage can also help you shorten the length of your mortgage. If you can afford to make higher mortgage payments, you can refinance to a shorter-term mortgage, such as a 15-year mortgage. This can help you pay off your mortgage faster and save money on interest charges over the life of your mortgage.
Self-employed borrowers face greater challenges at the bank when seeking financing:
Self-employed borrowers face greater challenges at the bank when seeking financing. Self-employed mortgage options may be fewer and more difficult to qualify for. If you’re a business owner and a mortgage seeker, consider working with a mortgage broker before submitting your mortgage application.
During the summer of 2012, the Superintendent of Financial Institutions implemented a new regulation called Guideline B-20 which forced banks to scrutinize income before approving mortgage products.
Working with a mortgage broker is less difficult and more cost-effective than dealing with a chartered bank:
Working with a mortgage broker is less difficult and more cost-effective than dealing with a chartered bank. An experienced mortgage broker is one of the best paths to a hassle-free self-employed mortgage.
Financing for the Entrepreneur:
A qualified mortgage broker can help you navigate the world of self-employed mortgages. We know lenders who will accept stated income documentation. We have access to lenders who will allow you to declare what you earn rather than demonstrate it. We also know lenders who will accept add backs, allowing you to add back some of your business expenses such as vehicle and capital cost allowances.
Refinancing your mortgage can be a smart financial move, especially when the interest rates are low. If you're looking to refinance your mortgage in Burnaby, British Columbia, contact BBoychuk Mortgage Group - Mortgage Broker today. We can help you find the best mortgage options and rates that fit your needs and goals. Our team of experts is dedicated to providing you with a stress-free and rewarding experience.
To learn more about the services we offer, please click here. If you have questions, we'd be happy to hear from you. Please feel free to call us at (778) 808-9944 or reach out via email at riley@boychukmortgages.ca.