‘We gotter done’ as they say in the country. In the past if you were self employed for less than 3 years you had trouble getting a mortgage. But the rules are now changed.

It’s now easier for newly self employeds than a person who has worked years as self-employed. The old rules wanted job stability for self employeds now the federal government in its wisdom says new self employed should have easier access to money

We just had a client who has had a business for less than a year approved through a refinsnce at 90 per cent of their property value. The clients had purchased a house three years ago for $214,000 at a rate 0f 5.3 percent and were paying 1256 dollars a month. Today’s new value came in at $255,000. So they realized about 40 thousand dollars in new money.

They are using that money to pay down debt most of which came as the resultof being laid off for a few months and the start up costs for the new business. The rest of their money will be used to help grow the business.

With amortizations still at 35 years we were able to give them a payment of less than 800 dollars per month. The only documentation needed was a a master business license to prove they had been in business for less than 3 years and last years Notice of Assessment

They did not have to prove any income. The moral of the story is if you are newly self employed and need to refinance or purchase there is a wonderful opportunity now to get a very good mortgage. the client chose a variable rate at 1.75 per cent and their mortgage closes next week.