Self Employed Mortgages
Over the past 6 years working as a self-employed, entrepreneurial mortgage broker, I’ve been surprised again and again by calls from potential clients or conversations with entrepreneurs stating, without much doubt, that it is next to impossible for the self-employed to get approved for a mortgage.
I’m not sure where this incorrect information comes from but I’m relatively sure that most of the problem boils down to poor training of employees at your local bank or laziness of lenders unwilling to look at the variety of options available to finance the self-employed.
The reality is: Mortgages for the self-employed are easy to approve.
What Do You Need To Get Your Mortgage Approved?
2 years notices of assessment and T1 Generals showing the income from your business venture
2 years Business Financial Statements if you are incorporated
Canada Revenue Agency Statement of Account showing taxes are paid up to date
Down payment from your own resources, a gift from close family or the sale of chattels with receipts
A decent credit score (preferably over 650 but some A lenders will work with clients over 600)