CTV Mortgage Minute: Credit score and self-employed mortgage myths – October 21, 2021

Clinton meets up with Ana Almeida from CTV to talk about mortgage myths for this October season! Ever heard the lines, “you need a perfect credit score to qualify for a mortgage,” or “you can’t qualify for a mortgage if you’re self-employed?” Well, believe it no longer because these are both classic mortgage myths.

CTV Mortgage Minute: Credit score and self-employed mortgage myths

Don’t feel like watching the video? Check out the transcript below.

Transcript:

October is here! Let’s bust some mortgage myths!

Ana Almeida: [00:00:00:15] I’m Ana Almeida, I’m here with Clayton Wilkins and this month and your Mortgage Minute, we’re talking about mortgage myths. So Clinton, what is a mortgage myth you often get asked about?

Clinton Wilkins: [00:00:09:09] You know what? There’s nothing scarier than a mortgage myth, Ana!

Ana Almeida: [00:00:12:22] It’s true.

Myth 1: You need a perfect credit score to qualify for a mortgage

Clinton Wilkins: [00:00:12:22] Honestly, one of the biggest myths that we hear every day is that you have to have perfect credit to qualify for a mortgage, and that’s not necessarily true.

Ana Almeida: [00:00:20:06] Good to know!

Clinton Wilkins: [00:00:20:06] We obviously look at income and assets, that comes into play, but consumers can qualify for a traditional mortgage with a credit score even in the 600s.

Myth 2: You can’t qualify for a mortgage if you’re self-employed

Ana Almeida: [00:00:28:13] Wow! Okay, one that I often hear about, I’m not sure if they ask you about it: Getting a mortgage if you’re self-employed.

Clinton Wilkins: [00:00:35:06] More and more consumers are becoming self-employed every day, Ana, that’s just the facts. And I think oftentimes self-employed individuals do have a harder time getting mortgage financing. And I think there’s a lot of pushback when maybe they walk into their branch. Seeking the advice of an unbiased mortgage professional can certainly help through the process.

Ana Almeida: [00:00:51:03] Just like you. Thank you so much, Clinton. We’ll see you next time for another mortgage minute.

Announcer: [00:00:55:09] For more information about mortgages, check out TeamClinton.ca.

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