Dominion Lending is a mortgage and leasing company with more than 2,000 members offering free expert advice across Canada for all your mortgage needs:
- Residential Mortgages
- Commercial Mortgages
- Equipment Leasing
Mortgage Questions
No Income Qualifying
These types of loans were very popular a few years ago. They provide the opportunity for a borrower with a good credit score, to purchase a mortgage without verification of income. It is important to note that these loans are higher risk! As a result, some lenders have removed No Income Verification loans as mortgage solutions.
Who Qualifies for a Stated Loan?
Typically, these loans are only available to the self-employed borrower and require a significant down payment (25-35%). Additionally, the credit score of the borrower must be impeccable.
If credit is good, these loans are offered at very attractive interest rates. For example, if interest five year fixed rates are around 3.29%, no income verification loan rates may be up to 0.50-1.00%, costing the borrower just a little bit more to acquire.
Tips for Getting a No Income Verification Loan
- Make sure that your declared income is reasonable in comparison to the mortgage size you want
- Even if lenders don’t want you to prove your income, they do want it to be reasonable and will often ask for proof that no income taxes owed.
- Make sure your credit is top notch
- Banks are choosing to waive the review of your income so your credit has to be sparkling clean. Do whatever you can to make sure your credit is top notch.
- Examine the option of a traditional mortgage loan
- As noted above, a traditional mortgage will offer lower monthly payments. If you can qualify for a regular loan, choose that route!
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or call 403-343-1125 to set up an appointment with an agent.
No Income Qualifying
These types of loans were very popular a few years ago. They provide the opportunity for a borrower with a good credit score, to purchase a mortgage without verification of income. It is important to note that these loans are higher risk! As a result, some lenders have removed No Income Verification loans as mortgage solutions.
Who Qualifies for a Stated Loan?
Typically, these loans are only available to the self-employed borrower and require a significant down payment (25-35%). Additionally, the credit score of the borrower must be impeccable. If credit is good, these loans are offered at very attractive interest rates. For example, if interest five year fixed rates are around 3.29%, no income verification loan rates may be up to 0.50-1.00%, costing the borrower just a little bit more to acquire.
Tips for Getting a No Income Verification Loan
- Make sure that your declared income is reasonable in comparison to the mortgage size you want
- Even if lenders don’t want you to prove your income, they do want it to be reasonable and will often ask for proof that no income taxes owed.
- Make sure your credit is top notch
- Banks are choosing to waive the review of your income so your credit has to be sparkling clean. Do whatever you can to make sure your credit is top notch.
- Examine the option of a traditional mortgage loan
- As noted above, a traditional mortgage will offer lower monthly payments. If you can qualify for a regular loan, choose that route!