What's it like getting a mortgage as a freelancer, content creator or influencer?

When you start the mortgage application, you need to provide a down payment and details of the property you’re hoping to buy. You also need to report basic financial information such as your credit score and proof of income.Sign up to receive the daily top stories from the Financial Post, a division of Postmedia Network Inc.By clicking on the sign up button you consent to receive the above newsletter from Postmedia Network Inc.

“If [influencers] are filing taxes, that’s what we’re able to use,” he says. That means looking at the stated income, which is your gross income, less the expenses. That’s because part of getting a mortgage is passing the stress test, which decides if you can continue to pay your mortgage when interest rates rise. The test is the rate offered by your mortgage provider plus two per cent. So if the fixed rate is 5.57 per cent, plus two per cent added by the stress test, a mortgage holder will have to show that they can pay the mortgage at 7.57 per cent.

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What's it like getting a mortgage as a freelancer, content creator or influencer?Entrepreneurs such as influencers typically make income that is less consistent, which can make it more difficult to get loans such as a Or insurance. Insurance in particular is massively ripping off the creative community. Many choose not to get it because the products suck and it costs so much. Your next story? canadianbusiness
Source: financialpost - 🏆 7. / 85 Read more »