In this episode of Realty Bytes- Conversations on Real Estate and Lifestyle we will be discussing Mortgages for the self-employed. You may be wondering… Can I get a mortgage if I have been self-employed for one year? What is a bank statement mortgage, what is the difference between self employed and incorporated business? What are the financing guidelines for the self employed? You have questions and in this episode we speak with Kyle Cole, mortgage specialist, to uncover the answers to your mortgage financing questions.. Being self-employed comes with many benefits, but it also requires a different approach to financing and mortgages compared to traditional employment. In this podcast, we'll be discussing the pros and cons of operating as a sole proprietor versus incorporating your business, and how this decision can impact your ability to obtain a mortgage and secure financing. Today our guest Kyle Cole, a mortgage specialist with BMO- Bank of Montreal. Kyle will be shedding some light on the unique challenges and opportunities faced by self-employed individuals when it comes to buying a home. Our goal today is to help self-employed individuals understand the nuances of the mortgage application process, and to provide practical advice on how to navigate the system effectively. We'll be discussing everything from the documentation required to demonstrate your income, to the importance of building a strong credit history as a self-employed borrower. Whether you're a seasoned entrepreneur or just starting out on your self-employment journey, this podcast is for you. So, join us as we dive into the world of self-employment and mortgages, and discover how you can turn your entrepreneurial spirit into the keys to your dream home.
Title: SELF EMPLOYED Business: Tips on how to get your mortgage approved
Host: Evelyn Lopes
Guest: Kyle Cole, Mortgage Specialist with BMO
In this episode, Evelyn Lopes talks with Kyle Cole, a mortgage specialist with BMO, about how self-employed individuals can get their mortgage approved. They cover a variety of topics related to entrepreneurs, the application process for mortgages, information required by lenders and the various forms of verification along with advice for self-employed individuals who are looking for mortgage financing options.
The episode starts with Kyle Cole defining what a sole proprietor is and how it differs from being an incorporated business. He explains that a sole proprietorship is an unincorporated business that is owned and operated by one person, while an incorporated business is a separate legal entity from the owner and how they affect mortgage applications.
Kyle then goes on to discuss the information required for the mortgage application process. He explains that self-employed individuals will need to provide more documentation than traditional employees, including business history, income verification, and credit scores. He also provides advice for self-employed individuals, such as keeping detailed financial records and avoiding large purchases before applying for a mortgage.
Finally, Kyle discusses the various options available to self-employed individuals who are looking to get approved for a mortgage. He explains that there are a variety of mortgage products available, including those specifically designed for self-employed individuals. He also discusses the importance of finding the right lender and working with a mortgage specialist who has experience working with self-employed individuals.
Overall, this episode provides valuable information for self-employed individuals who are looking to get approved for a mortgage. Listeners will learn about the application process, the documentation required, and the various options available to them. They will also receive valuable advice from a mortgage specialist with years of experience in the industry.
Contact information:
Kyle Cole | Mortgage Agent with BMO- Bank of Montreal
647-331-8850
kyle.cole@bmo.com
Evelyn Lopes | The Evelyn Lopes Realty Team | iPro Realty Brokerage
905-965-5902
evelyn@evelynlopes.com