Mortgages for the Calgary Self-employed
The self-employed and getting a mortgage
Lets face it the self-employed comprise a large amount of Calgary’s job market. Imagine what Calgary or Alberta would be like without those innovative and energetic people had not chased their entrepreneurial dreams. Unfortunately, even though these individuals may actually be more financially successful than ever, they often do not fit traditional lending requirements. The core problem for those self employed is providing the typical documentation to prove personal income. An astute business owner with a good accountant will work hard to minimize taxable income for the business; a smart financial management strategy. But when lenders plug those figures into their lending formulas, they may conclude that you are a high-risk borrower. Historically it has been pay a higher rate or put more money to compensate for the extra risk the lending institution is taking.
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Calgary High Risk Mortgages
High risk mortgages
The amount of people living in Calgary who look for high risk home mortgage is increasing. You have most likely seen advertising for “bad credit no problem” or “bad credit, 100% financing available”. High risk home mortgage lenders specialize in offering loans to people with adverse credit, due to bankruptcy or other financial problems. Is this a sales gimmick? Yes and no. For sure there are lots of mortgage options, but there is always a price. The worse your credit is the higher the interest rate.
Calgary Renovation Tips
When you are looking to flip, fix-up, remodel, re-habbing or whatever you personally call taking an ok house and make it look great for a profit, here are some tips. Just remember that whether you are attempting to do the work you self or having in done professionally, it is a very time consuming and costly project.
