Whether you’re working for a regular wage or in the perceived precarious position of being self-employed, the fact remains that you want your own home, but which is affordable. Statistics Canada recently released figures from a survey showing that self-employed pioneers were responsible for the majority of jobs created. It included those working in family businesses but also revealed there is a developing strong motivation and innovation in those who are determined to work on their own initiative.
Employment according to released statistics is on the increase, to the extent of the nation’s labor market generating a further 19,400 new jobs last month, with most of them on a full-time basis. However, this becomes more interesting when you consider that the report showed that 95 percent of those new jobs created last month were also self-employed positions. It’s a factor that can have an influence on the demand for homes by these new business owners seeking self-employed mortgages.
The mortgage factor
The foregoing raises issues about how self-employed workers can have the advantages that go with buying their own homes. The question of self-employed mortgages has raised many and varied concerns, with various mortgage brokers acting on behalf of this seemingly neglected segment of homebuyers. Economic growth has accelerated with employers hiring, but there is still reluctance in accepting that a recovery has completely taken effect due to a sluggish wage increase factor.
Family homes and security are obviously crucial aspects of being self-employed, but there are various indications that this segment of employment is a fast and self-generating part of the national workforce. Consideration must also be given to the fact of 21,800 factory jobs being created last month, which was recorded as the most significant month-on-month increase in the manufacturing segment since 2002.
Although manufacturing jobs countrywide increased last month; 2,400 jobs were lost in the service sector during the same period. For the enterprising self-employed entrepreneurs, this could be viewed as a source of work creation! To support the self-employed home buyers, the question of mortgages is an integral part of maintaining this momentum. Self-employed mortgages can be negotiated by qualified brokers and it is therefore advisable for applicants to seek the advice of these qualified and experienced professionals.
A mortgage broker will offer their services in terms that are clearly set out and will guide the applicant through the various stages of the loan process. Their expertise will be used in negotiating the best possible interest rate and to the full conclusion of the transaction.