Is There A Chance to Get a Mortgage Without a Salary in Toronto?

There are times in life when you need to get a house, but you are not employed. The popular contractor mortgages are there for that kind of case. People who used to have a good job but face a sudden layoff should not be exempt from the financial market. That is well-known by Perch and other companies, and mortgage applicants are from various financial backgrounds.

When you are not salaried, but you still have some personal property (an estate or a car), you can still be eligible to get a mortgage and buy a new home. That could be easier for you if you see homes in parts of Canada that are less developed and areas in Ontario that are a little far away from Toronto. Let’s see what you need to do to get such a mortgage when you have lost your job or even when you are employed online as a freelancer without a permanent salary.

Start Dealing Directly with Constructors 

First, you need to start dealing with property constructors directly. That means you need to go to the property construction scene and have an appointment with the contractor. Some of them have enough leverage and money to support people who seem to be credit-worthy. You can sign a contract of monthly payments with an interest rate set from before, and you are good to go. Some contractors will be happy to offer you a new home if you agree to fix some things by yourself, like painting the house. It’s the best deal Perch can give you to get a loan when you don’t have a white-collar job.

Smaller Banks Will Take the Risk to Give You a Mortgage

Just stop hitting the door of the big bank institutions. They simply have several rules and regulations that will ban everyone who is not permanently employed from getting a mortgage. On the other hand, some smaller banks that have funds from high-risk investors can give you a mortgage. However, you will agree to pay a higher interest rate and be ready to lose your equity when you miss even one single monthly payment. They have strict terms, but they are the only ones willing to lend you money.

You Can Ask Easy Loan Agencies to Help You

Online easy loan agencies like Perch can also give you guidance about how to ask for additional money to get a house. When you are not employed, everyone can access that information by giving them your social security number. However, it’s at their discretion to suggest you a loan amount and give you the chance to have your ideal home right away. After all, easy loan agencies can be there to offer you a loan even when you have nothing, and they take the risk for all that movement. However, you need to be sincere and only get the amount of loan you can repay back when needed.

Online Financial Institutions Are More Likely To Give You Funds

Many banks have online branches and subsidiaries to give you the option to apply for a mortgage there. Perch also has some affiliates in that market and can offer you the best guidance as to where to apply when you need a home in Toronto. People from several parts of Canada would think about applying to well-established banks for that reason and have a good option for their mortgage interest rates. Online banks are more likely to examine your application when you are not employed and you can also expect to get a decent amount of money to buy your new home.

Mortgages From the Canadian Government Are Also a Solution

Finally, you can seek information about Canadian Government supported mortgages. The Government subsidizes the interest rates and can give you an affordable mortgage even when you have no fixed salary. It’s the best option you have. However, you need to know that the Government will try to give mortgages to people who want to live outside the limits of Toronto. That happens in an effort to develop the rest of the Ontario province, and you should be ready to accept that if you want a home of your own.