Cameron Klem, a business owner in the construction industry, is looking to sell his home in Edmonton and buy a new one closer to the school his fiancee, a teacher, has been transferred to.
But despite a solid credit score, “huge revenue” and having been in business for seven years, Klem is having trouble securing a mortgage.
“It’s a pain,” says Klem. “It makes me ask myself if being self-employed is even really worth it when you have to go through this much trouble.”
Experts say lenders have become more stringent when it comes to providing mortgages to the self-employed, which could leave business owners shelling out more money to the taxman in order to prove their
You CAN get a mortgage if you’re self-employed, got a poor credit history, or if you own more than three rental properties.
If you’re a credit-worthy employee at a Fortune 500 company and don’t have much debt, the mortgage world is your oyster. Banks knock on your door looking to give you the best rates, most advantageous terms and any other perks they can use to get your business. You’re an A-lister. A borrower with impeccable credentials.
But what if you don’t quite fit that mould? It doesn’t mean you’re out of luck, it just means you have to learn how to work the system in your favour.
To help you, I’ve compiled a list of some of the most common B-class borrower hurdles and the best ways to minimize the risks and
First impressions are everything! With its travertine floors, unique mosaic details, and grand staircase, the entrance leads to an open concept main floor. The heart of this upgraded 3 + 1 bed 2-story is the stunning gourmet kitchen with huge island, breakfast seating, granite counters and built-in appliances. The living room's focal is a corner fireplace and a garden door leads to a lovely landscaped retreat, w/ stamped patio and private view. Upstairs, the Master boasts bamboo flooring, a seating area and custom shutter window treatments. The 5-pc spa-like ensuite features a massive walk-in shower, soaker tub, double sinks and make-up seating. The 2nd bed is oversized as well, w/ built in desk and shelving. Professionally fin basement features a
Edmonton, July 3, 2015: For the first time in 2015, the REALTORS® Association of Edmonton recorded an increase in year-over-year reported sales for the month. June 2015 Census Metropolitan Area (CMA) had 2,008 reported sales for all residential properties, 2.4% over the 1,961 all residential sales reported in June 2014. This number includes 1,243 single family dwellings (2.1% more than 2014), 572 condo sales (1.6% more than from 2014) and 156 duplex/rowhouses (11.4% more than 2014). Sales were also up 13% in June from the reported sales in May 2015.
“We finally saw prices take the expected small dip month over month that we have been waiting to see due to lower sales and higher inventory. Prices still remain higher than the same time last year