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The Money Management Newsletter: Home Ownership
A mortgage that gives the self-employed credit for great credit

A large and growing segment of Canadians are taking advantage of flexible or unconventional employment opportunities. In fact, the self-employed now represent close to 16% of the country's workforce. Today's generation of contractors, freelancers, consultants, commission sales professionals and small business owners have come to value independence in their day-to-day work. Now, that entrepreneurship is no longer penalized when it comes to mortgage financing.

For many it was an embarrassingly familiar story. They enjoyed a successful professional life, but when applying for a mortgage, they found themselves on the defensive - trying to prove that they actually earned enough income to service the mortgage they wanted, with many turned down because their income just didn't measure up.

Hard to believe, but true. If you work independently or own a business, you know that it pays to keep your taxable income as low as possible. That makes you a smart businessperson. But the story can change when you try to get a mortgage. Your income - at least on paper - may not support the mortgage payments, and you could be penalized for smart income management.

For Canadian homebuyers stuck on the income obstacle, there is a new mortgage from Mortgage Intelligence that does the unthinkable: it doesn't require you to show your income records. In fact, there is no income declaration and no Notice of Assessment is required. It doesn't even include your income as a factor in qualifying you for your mortgage.

"It can't be true", you may be thinking, or there must be some kind of hitch. In fact, it's both good sense and good business. A myriad of stated-income mortgages have been launched over the last few years, but this concept of not including any income figure at all is an idea that's long overdue.

To assess whether you're a good credit risk, this mortgage looks at your credit history, verifies your employment and assesses the loan amount based on your field of work. If you have consistently paid your bills and your loans then you've demonstrated the financial responsibility that suggests you can manage your mortgage. Possibly the best news for entrepreneurs this year!

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