Are You King or Queen of Your Own Business?

Whether you are leaping away from the pack and starting your own business or you are a seasoned business owner; being Business for Self can make your mortgage options seem daunting.

 

 

I can help you get the self employed mortgage custom designed just for you & your business situation. 

More and more people are starting business and services out on their own. It offers a type of freedom and individuality not easily obtained working for a corporation. However with this freedom it does tend to make it more difficult to approve for your mortgage. 

When applying for a mortgage, lenders usually require on top of good credit, steady employment and income. Income that is usually confirmed via a Letter of Employment and a pay stub. Most of my self employed clients do not have pay stubs, and even if they did because the company is their own the lenders require more information. 

 

So what happens if you do not T4 yourself and you declare very little or lower income? Is there a way to get a mortgage? The short answer is YES. You need to have a few things completed however, and first and foremost being a great Credit Score. For Low Documents Mortgage Approvals your Credit Score becomes very important. You will also have to have a minimum of 10% down for any Stated income products (which is usually required for low declared income on your Personal Notice of Assessments) and 5% of that, being from your own funds.

 

In this program, “Stated Income” is designed for self-employed borrowers who are unable to provide traditional income verification but have a proven 2-year history of managing their credit and finances responsibly. Eligible borrowers typically own a small size business for a minimum of two years, which can be confirmed via a third-party arms length document. In addition, the borrower is required to declare their annual income, which should be reasonable based on the industry, length of operation and type of business.

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Good News!

 
I have access to amazing Self Employed Mortgage Products, even in lue of CMHC taking out their Business for Self and 2ed Home Products.  Genworth and Canadian Guarentee are the two insurers still in offering the Stated Income Products with limited lenders.
 

Having served customers in the Canadian mortgage industry for many years, we’ve seen all the common pitfalls – and some uncommon ones – of going it alone. But first, let’s answer a question we frequently get asked, “What is a mortgage broker?”

This page with have quite a few documents you can download as a pdf. From Lender and Broker Consent Forms, Application form & Mortgage Checklist, RRSP Withdraw, Gift Letter and more…. green button

What do you do when you get the Renewal papers in the mail? Or you need to take Equity out of your property? READ MORE

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You can be the King or Queen of your own business and have access to great mortgage products!

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