You Can Get A Home Equity Loan If You are Self Employed
For the self employed it is common to wonder if you can get a home equity loan if you are self employed and have low income. Many self-employed individuals think due to their business for self income that banks & other lenders are less likely to approve them for a home equity loan. Banks do have tougher criteria for approving a HELOC and usually look at things like credit & income documents but there are many products out there that can help.
We have groups of products that take your home equity into account rather than solely focusing on income & credit. Our lenders understand that self employed home owners regularly take advantage of write-offs and other ways of income tax deductions. We also can assist with personal income tax, GST and PST arrears where some banks are less likely to assist in the payout of.
Many self-employed home owners don’t claim a lot of their income and this makes it difficult if a business opportunity presents itself. We have innovative products to assist with loans for business capital. Again, your credit and income are not an issue these types of loans focus more on your homes equity.
What’s the Process?
If you are self employed and require a Home Equity Loan or HELOC the process is simple. You can apply 2 ways. Through our secured online application or by calling 1-877-744-3436 and one of our mortgage brokers will be happy to structure your home equity loan.