Work with a mortgage agent specializing in products for self employed borrowers. They should fully understand each option and be committed to finding the best solution for you.
We are experts at analyzing past tax returns and income statements to add back or ‘gross up’ business expenses that were claimed to keep your income low for tax savings.
Our private and near private options are available where other stated income products do not work. Pricing and rates will depend on the property type and location, your down payment/equity % and your credit history.
Canada’s mortgage insurers recognize that small business owners’ mortgage payments aren’t solely based on tax return net income. We can help secure mortgages with as little as 10% down.
Our alternative lending partners can use business deposits to accurately assess your income, even if your tax returns don’t show it. This allows you to qualify for more than traditional lenders.
Although you may qualify for a mortgage regardless of the points noted above, the better your credit, the higher your down payment, and the marketability of your property/proximity to major cities will dictate how low the rate and fees will be.
Navigating the mortgage landscape as a self employed individual can be challenging. Work with a broker who will take the time to fully evaluate your situation and will put the work into qualifying you for the best and least costly mortgage possible.
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