No Income Verification
No Income verification is one of the fastest ways to have a mortgage application declined. No income verification refers to the ability to prove one’s ability to repay a mortgage. While it is easy to assume waiters, bartenders and doormen make tips, it is impossible to determine how much they make unless they claim it on their income tax. The reality of it is, is that most people who have the opportunity to avoid paying taxes often do. This can create problems when you are applying for mortgage financing. If you don’t claim your tips, which is often the largest part of your income, you can almost certainly wager that your application will be declined. This is where the expertise of a mortgage broker can become invaluable. Having a mortgage broker on your side that understands the nature of your business and who can formulate your application into one that makes sense to a lender can be the difference in your application being approved.
What about self-employed trade people? No Income verification creates a lot of boundaries for the self-employed individuals who agree to take on cash jobs. It seems in this day and age the wantonness of consumers to drive even harder to bargains forces a lot of tradesmen to arrange cash jobs to reduce the cost to the consumer. More often than not, this means that there is an ever growing number of trades people who are reducing what they are claiming in income which translates into an increase in declines by the bank. Just because you are unable to demonstrate all of your income does not mean that you are never going to be able to qualify for financing. It is quite the contrary; an experienced mortgage broker will not only find you a lender but can often find multiple lenders who are willing to compete to get your business. This means that you will get not only the best rate but the most flexible terms. We have access to over 60 different lenders most of whom are looking to compete for the big banks business and who are willing to overlook and make exceptions for no income verification borrowers.
No income verification goes above and beyond not claiming all of your tips or electing not to pay taxes on all the jobs you take on. There are a whole range of borrowers who fall into this category. There are borrowers who might prospect on land/stocks, investors or perhaps you are just between jobs. There is a wide variety of lenders who are willing to make exceptions if you can rationalize why your application makes sense. With Community Mortgage Services Corp on your side, you will not only have a brokerage firm working on your behalf to make sense of the deal but you will have access to a broker that has well established relationships with these lenders to get you an approval. You will also have the peace of mind knowing that we will get you the best interest rates with the most flexible terms.
No income verification lending in the traditional sense is becoming a bigger factor in today’s society. With an increased loss of jobs and people leaning towards becoming self-employed to get bigger tax breaks there has been a flood of lenders who have rushed to the market to compete for these types of mortgages. Having a broker who knows who these lenders are, the ups and downs to each of them and who knows what kind of applications they will approve is vital to your success.
No income verification lending is complicated and you want experience on your side to ensure you get your approval. Don’t delay, call a mortgage professional who understands the ins and outs of no income verification lending and that can get you a commitment. Call toll free: 1-866-668-6570 to find out how you can get approved today!
Our No Income Verification Mortgage options are available to residents living anywhere in Canada - some of the clients we have already provided assistance to reside in these areas:
Ajax, Abbotsford, Barrie, Beaverton, Belleville, Bolton, Bowmanville, Bradford, Brampton, Brantford, Burlington, Burnaby, Calgary, Cambridge, Campbellford, Carleton Place, Chatham, Clarington, Collingwood, Coquitlam, Courtice, Delta, Durham Region, Edmonton, Fenelon Falls, Georgetown, Gravenhurst, Grimsby, Guelph, Haliburton, Hamilton, Kelowna, Keswick, Kingston, Kitchener, Kitchener, Langley, Lethbridge, Lindsay, London, Maple, Maple Ridge, Markdale, Milton, Mississauga, Newmarket, Niagara Falls, Oakville, Ontario, Orangeville, Oshawa, Ottawa, Peterborough, Pickering, Port Colborne, Port Hope, Port Perry, Red Deer, Regina, Richmond, Richmond Hill, Saskatoon, Scarborough, St. Catherines, Sterling, Stoney Creek, Sudbury, Thornhill, Toronto, Trenton, Tweed, Unionville, Vancouver, Vaughn, Welland, Whitby, Winnipeg, and Windsor.
