Self-Employed Mortgages
If you are self-employed and looking to buy a home, we can help. We understand how hard you work to turn your business into a success. We believe you deserve to rest in the home of your dreams before facing another day. Our program aims to help entrepreneurs and business owners achieve their goal of homeownership.
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Self-Employment
What is the Self-Employed Mortgage?
The Self-Employed Mortgage, also known as a freelancer or entrepreneur mortgage, is a home loan designed for self-employed individuals or individuals who own their own businesses. As a self-employed individual, we understand your unique financial situation. You may work out of your home, pay rent for a storefront, or have other sources of income. This program offers various mortgage options that take all of that into account.
Traditional mortgage applications often require proof of stable income and employment history. This can be challenging for those with irregular income or non-traditional employment. In a self-employed mortgage, lenders consider the applicant’s business income and financial stability.
Getting Approved
We Can Help You!
At Skip The Bank, we take into consideration your gross business income, your personal finances, and your business expenses. All of this is important because mortgage lenders determine your qualifications based on your ability to pay. This is known as debt-to-income ratios or debt ratios. The bottom line is that the more income you have, the higher the mortgage loan amount you can get.
Your credit card history, credit scores, bank statements, and personal tax returns (notices of assessment) may present challenges when qualifying for a mortgage. Even those who are employees or have simple returns may need help to secure a loan. You may even own multiple properties or other assets. Our mortgage brokers consider every aspect of your situation to ensure you feel comfortable with your decision.
We specialize in clients who have complex financial structures. We have the knowledge and experience that comes from helping thousands of self-employed clients in similar situations. Let our experts work with you to create a financial plan that you feel confident will help you achieve your goals. It’s important for self-employed individuals seeking a mortgage to work with a lender experienced in handling applications from those with non-traditional employment situations.
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FAQ
Answers to Our Most Frequently Asked Questions
01
What documents do I need to provide for a self-employed mortgage?
- T1 generals
- NOA’s
- Articles of incorporation
- Business financial statements
02
Are there different types of self-employed mortgages?
Yes, however, it depends if you are a sole proprietor or run a corporation.
03
What are the down payment requirements for self-employed mortgages?
Down payment typically starts at 10%. We offer special programs for self-employed individuals (2+ years) that consider industry income, not just tax returns, which often underestimate true earnings.
Advantages of Self-Employed Mortgage
Access to Homeownership
We look to give self-employed individuals a chance to become homeowners, even if conventional lenders have rejected them.
Flexible Options
We understand your individual demands and financial position. Our Self-Employed Mortgage program provides many different options.
Competitive Rates
We work with you to develop a personalized plan that not only provides a competitive loan option but also caters to your unique needs and helps you achieve your financial goals.
Customized Solutions
Our focus is on working alongside you to develop a personalized plan that fulfills your unique requirements and encourages you to achieve your financial objectives.
Reasons to Choose Skip the Bank’s Self Employed Mortgage
- Competitive Rates: You can save money by taking advantage of our competitive interest rates.
- Dedicated Support: From application to funding, our team of professionals is available to help you every step of the way.
- No Hidden Fees: We are transparent about our fees and we don’t charge any hidden fees or prepayment penalties.
At Skip the Bank, we are committed to helping business owners achieve homeownership. Our flexible options, competitive rates, and dedicated support make it easy for you to achieve your dream of owning a home. Apply now and start building your future with our Self-Employed Mortgage program!
Self-Employed
Real Mortgage Success Stories
Jill is a registered therapist and her business has grown in the last three years. She started as a sole proprietor and recently her accountant recommended that she open a corporation to allow her to limit her personal tax exposure. When she went to her bank to see if she could get pre-approved for a mortgage, her bank wanted at least two years of corporate tax returns.
Despite her excellent savings and credit they rejected her because of how her taxes had been completed. She was beyond frustrated! That’s when she came to The Mortgage Centre’s Skip the Bank. We were able to work with a lender and access the equity in her home to do some upgrades.
Rashid works for a tech company in the US and invoices the company for tax purposes. He would normally invoice $6000 per month and collect this amount for at least 18 months. He wanted to purchase another property but his bank has turned him down for the next mortgage. The main reason is that on Rashid’s personal tax returns, the accountant helps him with tax planning and shows little net income.
Although Rashid has a great credit history, savings and his partner currently works, his frustration on building a real estate investment portfolio looked like it wasn’t going to be a reality. That’s when a friend recommended that he speak to The Mortgage Centre’s Skip the Bank. Rashid now owns three rental properties! The tenants that he has pay rent on time, and the student tenants know that he’s a good landlord.
Self-Employed Mortgage Resources
June 15, 2022
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October 3, 2021
If You’re Self-Employed You Can Still Get a Great Mortgage!
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October 2, 2018
Canada Revenue Agency and Self-Employed
Canada Revenue Agency and being Self-Employed. If a self-employed person owns a house and has equity in...
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