Tap Into Our Vast Lender Network To Achieve All Of Your Self-Employed Mortgage Goals
Contact us today!
Entrepreneurs Contact Us For All Of Their Self-Employed Mortgage Needs
Finding self-employed mortgages for our entrepreneur clients is what we have been doing successfully for years. Understanding the ins and outs of self-employment and lender requirements is one of the keys to our ongoing success. As far as different types of self-employed mortgage products are concerned, we have a recommended set of mortgage solutions for this applicant profile. Given that the big banks require proof of stable and visible income, typically you want to have a higher down payment greater than 20% so that it is only the bank you need to satisfy. Under 20%, CMHC, Genworth, and Canada Guaranty become involved and you run into a much higher level of examination.
However, there are other options to consider – we can use our access to a network of dozens of lenders to find better terms; aside from a higher down payment, we can look at establishing a loan to contribute your down payment, combine a first and second mortgage and many more options. We realize that there is much more to a person’s financial situation than numbers on a sheet of paper. Finding the right self-employed mortgage solutions for our Oakville clients is our highest priority.
Preparing A Self-Employed Mortgage Application: What You Need To Know
Given the nature of having to prove income to qualify for a mortgage, your business’ paperwork becomes very important. The government has been making changes to lending requirements, debt ratios, documentation and more. As we help you prepare for your mortgage application it is good to have the following below:
- 2 years in business is usually ideal
- 2 years NOA’s (notice of assessment)
- Articles of incorporation as well as proof of ownership
- Some proof showing that the down payment came from your own funds
- 2 years’ business financial statements (preferably from an accountant)
- Payment proof for sales tax (HST/GST)
- Proof that all your taxes are paid
Whether you are self-employed or not, look no further as we are always eager to help and “do not turn people away”! Contact Us Today To Learn More