Self-Employed Mortgage Approval Story: High Car Lease Payment, Added Cosigner, Mortgage Approved in 9 Business Hours
- Tina Kha
- 1 day ago
- 2 min read
Mortgage Snapshot
Canadian mortgage solutions vary widely depending on your financial profile, credit history, and the type of property you want to purchase. Understanding these options is crucial to making an informed decision.
Purchase Price: $550,000
Down Payment: $258,500 (47%)
Mortgage Amount: $291,500
Property Type: Single Family - Detached
Mortgage Term: 3 Years
The Borrowers' Goal
The borrowers were self-employed and looking to purchase a home with a mortgage solution that recognized the strength of their financial profile. They wanted to understand how their self-employed income, a high monthly vehicle lease payment, and a co-signer who owned two properties would impact mortgage qualification. Their objective was to secure competitive financing while keeping the application process straightforward and purchasing a home that fit their long term financial goals.
The Challenge
Every mortgage application is unique. In this case, some of the factors we needed to navigate included:
Buyers' are for self-employed
Co-signer owns two properties
Borrower has a vehicle lease payment of $2,525/month
Limited savings
Our Solution
After reviewing the available lender options, we developed a strategy that addressed the borrowers' situation and secured financing that met their needs.
Getting application submitted immediately
Gathering and reviewing all documents required
Comparing available mortgage options ahead of time
Understanding employment situation
Uncovered additional income
The Outcome
Borrowers' qualified using the income and assets they already had in place - no need to restructure their pay for self-employed income that may have added complexity or tax implications. Reviewing the auto lease payments, helped bring down their overall debt load, giving us more qualification room to work with.
Approval Summary
Approval Time: 9 business hours
Application and documents were submitted 1:06PM
Application was approved 12:11PM, the next day. This also included documentation review.
Approved Mortgage Amount: $291,500
Property Location: Glenbow, Cochrane, AB
About Glenbow
Located in heart of Cochrane, Glenbow is a highly sought after community. Offering a mix of natural beauty and small-town charm just west of Calgary. Nestled along the Bow River with views of the Rocky Mountains, the area is well known for its scenic pathways, proximity to Glenbow Ranch Provincial Park, and easy access to outdoor recreation.
With a range of housing options - from established homes to newer builds - Glenbow appeals to families and professionals looking for a quieter lifestyle without sacrificing convenience, thanks for Cochrane's growing amenities and a short commute into Calgary.
Mortgage Tips for Buyers in Cochrane
Some buyers may benefit from
Credit optimization
Understanding lender qualification requirements
Working with an experienced mortgage broker can help identify suitable options across multiple lenders.
Thinking About Buying a Home?
Whether you're purchasing your first home, upsizing, investing or refinancing, its important to understand your options.
Disclaimer
The mortgage approval scenario presented in this article is based on a real client experience; however, certain details may have been modified or generalized to protect client privacy. This mortgage approval example is provided for informational purposes only. Individual results will vary based on each borrower's financial situation, lender requirements, and market conditions. Approval terms and rates are not guaranteed.
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