Increasing your budget limit by choosing the right mortgage term and product at renewal can save you money and simplify your day-to-day life.
A short-term mortgage could be a good solution when there is a chance of falling rates and inflation fluctuations. The Big Five Canadian banks are less flexible regarding self-employed borrowers than other financial institutions. Various federally and provincially regulated financial institutions are more accommodating to borrowers without traditional income sources. Business owners often face challenges requiring financial sacrifices, and personal and business expenses can become intertwined. These factors can impact the timely payment of property or personal income taxes,  resulting in high penalties. Also, maximizing credit card balances affects credit scores.

The good news is that some lenders understand these challenges and offer favourable terms and rates. Working with Banks, Credit unions, and  Canada’s largest non-bank mortgage lenders, specializing in residential and commercial mortgages, could provide you with flexible rates and terms.

For a better calculation on how to save more money, I can provide all the necessary numbers for comparison.
Why This Article Should Be Paid Attention To:

Practical Advice: The promise of offering detailed numbers for comparison can help readers make informed decisions about their mortgage options, potentially leading to significant financial benefits.

Financial Savings: It provides insights into how choosing the right mortgage term and product can save money, which is crucial for budget management.

Understanding Mortgage Options: The article highlights the flexibility of various financial institutions beyond the major banks, which is valuable information for self-employed individuals seeking favourable mortgage terms with lower interest rates.

Addressing Challenges for Business Owners: It discusses the unique financial challenges business owners face, making it relevant for those in this demographic who might struggle with traditional lending criteria.