The traditional approach to mortgage financing doesn’t always suit everyone, especially in today’s dynamic housing market. For those who don’t fit the conventional mold—whether you’re a business owner, a parent who has co-signed a loan, or have unique income sources—creative solutions can make all the difference in securing the home you want.
Small business owners often face challenges qualifying for a mortgage through traditional lenders, who typically require at least two years of income tax returns. For newer businesses that are already thriving, this method might not fully capture your financial situation. Instead of relying solely on tax returns, using 12 months of bank statements allows us to assess your recent success and more accurately represent your income. This is particularly helpful for those in the early years of business ownership, when revenue is strong but traditional criteria might not work in your favour.
Many parents co-sign loans to support their children, whether it’s for education, a car, or a first home. Unfortunately, traditional lenders view this additional debt as a potential obstacle to securing your own mortgage. However, if your child is responsible for the loan payments, it’s possible to exclude this debt from your application. By providing three months of bank statements showing that the child has been making consistent payments, you can remove this obligation from your debt load, improving your chances of qualifying for a mortgage.
In many households, multiple people contribute to the expenses even if they aren’t on the property title. For example, if you have an adult child living at home who is employed, their income could strengthen your mortgage application. Presenting a pay stub and proof of residence (such as a driving license) allows us to factor in this contributory income, potentially boosting your eligibility. This additional financial support could be the key to securing the home you want, especially in a competitive market like Sarnia’s.
Everyone’s financial situation is unique, and your mortgage options should reflect that. At Mortgage Wellness Sarnia, we work with you to find flexible, personalized solutions that align with your needs and help you achieve your homeownership goals. Whether you’re managing the challenges of self-employment, co-signer obligations, or shared household income, our team is ready to explore every available option and guide you through the process.
Interested in how creative financing could work for you? Contact us today to schedule a consultation and discover how we can tailor a mortgage plan that fits your lifestyle and financial future.
