Self Employed

Self-employed

It may surprise you to know that currently about 20% of adults in Canada are self-employed and this number is steadily growing. With such a high number of people working for themselves and earning an income that may or may not be consistent and easy to verify, it may seem difficult for lenders to grant them a mortgage. In the case where your income cannot be readily verified, then a good credit history and a minimum down payment of 10% would suffice.

On the other hand, if you can prove that you have a viable source of income, then you will be able to obtain traditional mortgage products with the same rates and down payments available to employed applicants.

However, for us, we see your being self-employed as an opportunity to provide you a self-employed mortgage as long as you can meet the lenders necessary requirements upon your application, some of these requirements include;

  • Evidence that you are the principal business owner.
  • Provision of certified copies of your Article of Incorporation, as proof that your business is properly licensed.
  • The provision of the Notice of Assessment of your personal tax payments for the last 2 years.
  • Proof of your source of income, it is expected that your business bank statements should show that you have a steady and consistent stream of income.
  • Provision of your business financial statements for assessment and verification.
  • A perfect credit rating and debt payment performance profile. You must be seen to be consistently servicing your current debts.
  • Proof to show that your down payment is from your private funds and not a gift from family and friends.
  • Evidence that you have fully paid your GST or HST, and certified copies of your GST license.

You can secure a self-employed mortgage with us, once you can meet the highlighted requirements and others that may be communicated to you upon your application. You can contact us today for more information on how we can provide you with a self-employed mortgage.

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