It's no secret that if you are self employed it is difficult to qualify for a mortgage. Moreover, when self employed people are offered mortgage solutions by lenders, they often take the first deal tabled. In Canada however, 20% of people are self employed to some degree and finding the right mortgage doesn't have to be as difficult as many people first assume.
That's where I come in. You see, where many banks are reluctant to lend to self-employed applicants, I as a professional mortgage broker can draw on the services of over 40 different lenders in the Canadian mortgage market place in order to get you the financing you need.
Self Employed Mortgage Qualification Made Easy
Of course, finding the right mortgage for you is made all the more easier if you supply me with a few details first.
Documents needed to prove Self-Employed Income:
- Proof of self employment such as a business license, Article of Incorporation
- Last 12 months' business financials, bank statements and/or invoices
- Last two years' full Income Tax Return including your T1 General and all the attachments
- Last two years' Notice of Assessments to confirm no income tax arrears
- A letter from the employer stating job title, income and start date
- Recent pay stubs and T4 Statements
- Proof of down payment, through bank statements, RRSP statements, etc.
By looking at your income, I'll then be able to determine what kind of self-employed mortgage you are most likely to qualify for. If for example, you have income showing on Line 150 of your T1 Generals, we'll be able to prove to lenders that although self employed you have a fixed income, something which means that you will likely qualify for a Fully Qualified mortgage. In this case, and depending on what kind of down payment you have available and your present debt ratios, you will likely qualify for the best rates and range of mortgage products.
Alternatively, if you don't have income showing on Line 150 of your T1, I'll most likely try and find a way to get you qualified for a Stated Income mortgage. What is a Stated Income Mortgage? Well, many entrepreneurs and small business owners aren't able to provide evidence of their net taxable income on their tax return. In this case, a lender has to accept that this is a product of your self employed status and accept you as simply 'stating' your income on your mortgage application.
Of course, in the present economy many banks are reluctant to offer Stated Income mortgages. However, with my links to over 40 different lenders and the professional analysis of your situation that I'll do before I even contact them, the process can be made a lot easier.
Are you Self-Employed and Looking for a Mortgage or to Refinance?
I'm Amina and I guarantee not only to get you the best mortgage deal possible, but to make the entire process about you and your future. Therefore contact me today and let's start talking about how to get you a self-employed mortgage!
“I was introduced to Amina by my friend and realtor. She took the time to sit with me and review all of my documents. I was not good at keeping paperwork and I could not prove my income, but Amina was patient and walked me through the process and while it took some time, in the end she was able to get me a mortgage.