Low Income or No Income Mortgage
A no income mortgage or low income mortgage can be required at any time due to loss of employment. This is in essence a stated income product, but in this case, you may have no income to qualify for a mortgage loan, and you need to find a private mortgage lender to bridge yourself until you are back to work or able to solve your financial problem.
Looking for a no income verification mortgage? We can help! With one of the many equity products we can get you the funds you need to get through these difficult times. In some cases, lenders may opt to have a prepaid mortgage so that you do not have to worry about making payments for the term and focus on what you need to do to get your cash flow back again. There are many things to consider so call us today and let us set you up for success.
No Income Verification Mortgages From B-Lenders
The key here is that your taxes should be filed and show that no money is owed to CRA. This allows you to state your income to qualify for a mortgage. This product does have credit requirements and of course it comes with a slightly higher rate than prime mortgages. To learn more about our no income mortgage options, or to apply for one, give us a call today.
Stated Income Mortgages
Self-employed, commissioned or employees earning tips have options available to them in the form of a stated income mortgage loan.
These mortgage products have seen some changes over the past few years and will likely change some more in the years to come so it is best to consult with your BC mortgage broker to learn more. The basics are that individuals who can’t, or do not wish to claim their true income can simply state their income within reason to qualify for these types of no income verification mortgages. You can qualify up to 90% on a purchase with stated income.