Is it hard to get a second mortgage if you are self-employed?
Applying for a second mortgage as a self-employed individual is much harder than if you’re an employee of a company. However, it is not impossible. It requires a lot of paperwork, attention to detail and much more. Most lenders assume self-employed individuals to be a higher risk as their income source cannot be verified.
If you are looking for immediate funds and do wish to undergo the conventional loan process, you can secure a private loan as the lender will not place much emphasis on the borrower’s credit history.
By choosing to work with an experienced mortgage broker like Mortgage Loan Ontario, we can help secure mortgages for self-employed individuals across the country. For further information or to schedule an initial consultation, get in touch.
We will take into consideration your unique financial circumstances to find you the right lender quickly.
