JESSE BRUN

Are you a self-employed individual living in Whitby, ON, who is interested in remortgaging your home? If so, you may be wondering about your options for home equity loans in Whitby, ON. Our mortgage firm is here to help you understand the process and provide guidance throughout.

First, let's discuss what a remortgage is and why you might consider it. A remortgage is when you replace your existing mortgage with a new one. The new mortgage may have different terms, such as a different interest rate or repayment period. You might consider remortgaging your home for several reasons, including:

1. To take advantage of lower interest rates: If interest rates have dropped since you first took out your mortgage, you may be able to save money by remortgaging at a lower rate.
2. To access equity in your home: If your home has increased in value since you bought it, you may be able to remortgage to access some of the equity. This can be useful for things like home renovations, debt consolidation, or starting a business.
3. To switch to a different type of mortgage: You may want to switch from a variable rate mortgage to a fixed rate mortgage, or vice versa.

If you're self-employed, you may find it more challenging to get approved for a remortgage than someone who is employed by a company. This is because lenders may view self-employed individuals as higher risk. However, that doesn't mean it's impossible to get a home equity loan in Whitby, ON if you're self-employed.

To qualify for a self-employed remortgage with a bank below is what they normally require however our mortgage company offers alternative mortgage options which would not require these. With banks you'll need to provide evidence of your income. This can be more complicated for self-employed individuals, as you won't have a traditional pay stub or salary. Instead, you'll need to provide documentation that demonstrates your income, such as:

• Tax returns: You'll need to provide copies of your personal and/or business tax returns for the past two years. This will show how much money you've earned and help lenders assess your ability to repay the loan.
• Business financial statements: You may need to provide financial statements for your business, such as profit and loss statements or balance sheets. These will help lenders understand the financial health of your business.
• Bank statements: You may need to provide bank statements that show your income and expenses. This can help lenders assess your ability to make mortgage payments.

Alternative Lenders that we work would not necessarily require copies of your income tax return and maybe only ask for 3 to 6 months of bank statements to show some income deposits. The more equity you have in your home then the more lenient our alternative lending partners will be in regards to credit and income proof.

Remortgaging your home while being self-employed can be a daunting process, but using a mortgage agent in Whitby can provide several benefits. Here are some benefits of using a mortgage agent when remortgaging your home:

1. Reduced Risk of Rejection: Homeowners with bad credit or a low income may find it challenging to qualify for a home refinance on their own. Mortgage agents can help these homeowners find lenders who are willing to work with them, reducing the risk of rejection and increasing the likelihood of approval.
2. Competitive Rates: We offer competitive interest rates on our home refinances and HELOCs. Our mortgage specialists will work with you to find a rate that fits your budget and financial goals.
3. Time-Saving: Refinancing a home can be a time-consuming process. A mortgage agent can handle the paperwork and negotiation on behalf of the homeowner, saving them time and stress.
4. Using a mortgage agent for a home refinance can provide homeowners with several benefits, including access to multiple lenders, expert advice, time-saving, competitive rates, personalized service, flexibility, stronger negotiation power, reduced risk of rejection, and ongoing support. These benefits can make the home refinance process smoother, more efficient, and more beneficial for homeowners.
5. Personalized Service: Mortgage agents provide personalized service and work with homeowners to understand their unique needs and goals. They can help homeowners find the best refinance options that meet their specific financial situation. Flexibility: Mortgage agents can also provide homeowners with flexibility in terms of payment options and loan terms. They can help homeowners find refinance options that align with their financial goals and budget.
6. Competitive Rates: Mortgage agents have access to a wide range of lenders and can help homeowners find competitive rates for their home refinance. This can result in significant savings over the life of the mortgage.
7. Access to Multiple Lenders: A mortgage agent works with multiple lenders and has access to a variety of mortgage products. This means that they can help homeowners find the best refinance options for their specific needs.
8. Expertise in Self-Employed Mortgages: We specialize in providing mortgage solutions to self-employed individuals in Whitby, ON. We understand the unique financial challenges that come with running a business and can help you navigate the home refinance process with ease.
9. Stronger Negotiation Power: Mortgage agents have a strong understanding of the mortgage market and can negotiate with lenders on behalf of the homeowner to secure better terms and rates for the refinance.

If you're interested in a remortgage in Whitby, ON, our mortgage firm can help. We specialize in helping self-employed individuals secure remortgages and other types of remortgages. We understand the unique challenges that self-employed individuals face when applying for a mortgage, and we're here to help you navigate the process.

When you work with our company, you'll get personalized attention from our team of mortgage experts. We'll take the time to understand your financial situation and your goals for remortgaging your home. We'll then help you explore your options and find the best remortgage for your needs.

We can also help you understand the costs associated with remortgaging, such as appraisal fees, legal fees, and prepayment penalties. We believe in transparency and will ensure that you understand all the fees and charges before you commit to a remortgage.

If you're ready to explore your options for a self-employed remortgage in Whitby, ON, you can contact us by calling (888) 878-4660 or filling out the short form on the top left-hand side of our website. Thank you.