In Part 1 of this 2-part episode of the Rock n' Realty Podcast, we dive into the world of self-employed individuals seeking mortgages. We discuss crucial mortgage advice, helping you understand if your small business is mortgage pre-approval ready. Learn about the home loan process for entrepreneurs and the importance of having a solid game plan in place to ensure approval.

In this video, Ahmad El-Farram, Mortgage Agent with Capital 360 Complete Mortgage Solutions shares the importance of maintaining a good credit score, providing accurate business income proof, and exploring alternative options such as bank statement loans. He guides us through the process, helping you navigate the complexities of real estate finance and increasing your chances of securing a mortgage. By understanding how to effectively present your self-employed income and managing your credit score, you can improve your eligibility for a mortgage and achieve your dream of homeownership.

Tune in to learn more about the self-employed mortgage process and how to avoid common pitfalls that may lead to mortgage denial. With the right strategy and a knowledgeable mortgage advisor, you can successfully secure a mortgage and take the first step towards owning your own home.

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Contact Ahmad El-Farram, Mortgage Agent: https://linktr.ee/askahmad | https://www.askahmad.ca/

Work with me:
Teresa Gabriele, REALTOR®️
Coldwell Banker Ronan Realty, Brokerage
(519) 943-0860
teresagabriele@ronanrealty.com
https://teresagabriele.com/
Book a consultation with Teresa: https://linktr.ee/teresagabriele_realtor

Chapters
00:00 Introduction
01:48 Ahmad's Journey to Self-Employed Mortgages
05:39 Why Self-Employed Mortgages?
08:02 Biggest Misconception when Qualifying
11:26 When is a Business Mortgage Ready?
16:00 Does Length of Time in Business Matter?
17:13 Green Flags Red Flags
18:19 Industry Changes that Impact
20:26 How Businesses with Cash Components Qualify
21:01 Signals Your Business is Mortgage Ready
25:50 Is it More Difficult for my Business to Qualify Today?
30:47 Client Story: Using Unused RESPs to Qualify
33:33 Impact of Back Taxes