Did You Know despite of Truck drivers earning almost the same as a Registered Nurse & responsible for almost 5% of Canadian GDP in year 2011, Truck driver mortgages are rejected more than approved in Ontario Canada today!
Majority truck drivers I speak to complains about 4 most common issues, out of which one reason which affect them at very intimate level.Seriously! How many times do you encounter these situations as a Truck driver?
- Cars zig zagging in traffic, coming in front of your fully loaded truck on the highways & applying breaks abruptly.
- Cars behind your truck following too closely
- Cars driving in your blind spot especially in bad weather
- Having hard time getting your mortgages approved as a truck driver.
I don’t know how I can help you with first 3 issues beside being careful around trucks on road however I am certain by the end of this article you will feel better by knowing how banks evaluate a truck drivers mortgage application. What is required for a Truck Driver Mortgages?
I am sure this will help many truck drivers plan their home purchases & refinancing accordingly.
Like any other industry, Truck drivers work as employees or self employed aka BFS (Business for Self) as Sole Proprietorship or Incorporated. A Truck driver mortgages approval depends upon how you file taxes i.e. as an employee or self employed.
Recent changes to the lending criterion have lead lots of truck driver’s mortgage applications getting rejected. Here is what you need to know as a truck driver in Ontario.
Truck driver mortgages are very different than your regular mortgages. Banks rules of engagement are different. To make matter worse, not every bank/lender prefers your mortgage business. Banks got PMS.
9 Critical Questions which dictates the success of Truck driver mortgages in Brampton, Mississauga, Toronto & area in Ontario;
- Are you an employee or self employed drawing income from your corporation?
- Is your incorporated business at least 2 years old?
- How long you been in the industry?
- How does your Mortgage DIC (Down Payment, Income & Credit) profile looks like?
- What is the annual gross revenue of your corporation?
- What is your personal income on Line 150 after deducting all your expenses from your corporations?
- Does your corporation have any retained earnings?
- Do you owe any taxes to revenue Canada?
- Do you have a cosigner, co applicant or a guarantor who can help you with your mortgage?
You guessed it! There is no one word answer to these questions.
If you are in the market looking for a mortgages as a truck driver you are encouraged to speak to our Ontario licensed mortgage expert who has experience with Truck driver mortgages serving South Ontario including Brampton, Mississauga, GTA and surrounding areas.
We offer a complete mortgage planning which integrates your long and short term financing goals including any future purchase as a professional truck driver in GTA & surrounding areas.
To leverage Your Time & Banks money efficiently you are encouraged to Call 1-800-808-1613 or click to schedule your No Cost No Obligation Mortgage Strategy Session today.