How to Get a Mortgage For Commission Earners?
Getting home loans for commission earners and self-employed workers can pose particular challenges.
A commission earner doesn’t typically have the same income stability that salaried workers enjoy. This segment of the Canadian labour force, like a real estate agent, can apply for a regular mortgage to purchase or refinance a home, but the process can be onerous and may result in higher interest rates. Contact us to help you though the process!
Make Your Commission Earnings Count!
Some of the highest earners in Canada work on commission. Commission-based employees are paid a higher rate of commission than those who receive a base plus commission and, typically, they have no income ceiling. Despite this, it may be challenging to obtain a mortgage given that it’s difficult for lenders to assess their complete income.
When applying for a mortgage, it’s important to choose a lender that will accept 100% of your commission income rather than just 50%, as is common practice. In particular, many lenders won’t accept any of your income if there are signs of inconsistency. This can occur simply because you took a holiday or because of a seasonal dip in sales. Our team works with lenders that may accept 100% of your commission income, depending on your circumstances.
Lenders are typically cautious of relying on a commission worker’s income as it’s not guaranteed and can fluctuate. Lenders are more comfortable with those who earn a regular monthly salary, but there are many who will work with you to secure a loan. Call GLM Mortgage Group or enquire online to speak to one of our expert mortgage brokers today.
Commission Income Is Reliable!
In our experience, commission salespeople can support a loan without posing a higher risk to themselves and the lender. This is based on several factors that some lenders don’t often take into account, including:
- You can work harder and longer to earn more money
- Nothing motivates you to succeed more than the need to meet financial commitments such as a mortgage
- Commissioned-based workers cost a company less compared to salaried employees. As a result, they’re less likely to be made redundant during economic downturns
- When applying for a mortgage, a salesperson is generally confident in their income and ability to make mortgage payments
- Commission remuneration is a viable source of income
Working With The Right Lenders
We have access to numerous banks and non-bank lenders that consider your commission income when assessing your eligibility for approval, and we’re confident we can match you with a mortgage to suit your needs.
How Do Lenders Assess Your Commission Income?
Since lenders assess commission income in different ways, they often require different forms and documentation. Most lenders require at least a two-year record to ensure your income is stable. This isn’t necessarily an adequate or fair way to properly assess your mortgage application, however, so it’s important to contact our team to help you through the necessary steps.
What is the GLM Mortgage Group?
GLM Mortgage Group, powered by Dominion Lending Centres, is your Vancouver and Lower Mainland Mortgage Brokerage service. We are always ready to move forward with you to obtain the mortgage you need with the sharpest mortgage rate available. Whether it’s a fixed rate or variable rate mortgage you are after, we are dedicated to finding the best mortgage rates in Vancouver, including Home Loans, Consolidation Loans, Lines of Credit and more. No matter what you need, our team of Mortgage Specialists will follow through to find the best mortgage product that fits your individual circumstances. Our free online mortgage calculator keeps you informed on how much your mortgage payment will be as well as show how different mortgage rates will affect the mortgage you require.As your Vancouver mortgage broker, GLM Mortgage is committed to clear communication with our clients. We make sure you are informed on all the mortgage options available to you. We call you back within 90 minutes to make sure that you have the fastest service available. We are not only available in Vancouver and the Lower Mainland, we are also available across Canada.GLM Mortgage Group is your Vancouver mortgage specialist. With over 22 years of experience in the investment industry we know how to wade through the challenging process of getting a mortgage. We provide smarter options to putting your mortgage in place. We know how important it is to have an experienced professional Mortgage Specialist available to walk through your mortgage experience and stay with you through to the very end.We get you a fast “YES” at the sharpest rate… guaranteed! Call us now so that you can get that mortgage you’ve been waiting for. We already have been working for you, making sure that you will have every option of a mortgage available to you. GLM Mortgage Group is on call for you!